Qatar's sovereign wealth fund said on Tuesday it wants better terms in commodities trader Glencore's (GLEN.L) deal with miner Xstrata (XTA.L), throwing a new twist in the mega merger between the two companies.
Qatar, which has built an 11 percent stake in Xstrata since the deal was announced, said it believes that an exchange ratio of 3.25 new Glencore shares for every existing Xstrata share would provide a more appropriate distribution of benefits of the merger.
Qatar Holdings, which is being advised by Lazard (LAZ.N), said it still sees merit in the merger.
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