Thursday 7 June 2012

Qatar lifts Xstrata stake to over 10 pct | Reuters

Qatar's sovereign wealth fund has raised its stake in miner Xstrata, in the final stages of a $30 billion takeover by commodities trader Glencore , to over 10 percent, according to a regulatory filing on Thursday.

Qatar has been building its stake consistently in recent months, buying shares most days since the Glencore takeover bid for Xstrata was announced in February, in a move that has turned the reclusive fund into a potential kingmaker in one of the mining sector's largest deals to date.

It has gone from less than 3 percent to becoming the largest shareholder in Xstrata after Glencore, which holds a stake of almost 34 percent. It now owns 10.05 percent, including written put options.

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