Tuesday 21 August 2012

Glencore Will ‘Move On’ If Qatar Blocks Xstrata Deal, Chief Says - Businessweek

Glencore International Plc (GLEN), the Swiss commodities trader seeking to buy Xstrata Plc (XTA) for $30 billion, said it will “move on” should Qatar’s sovereign wealth fund block its bid for the mining company.

“If they vote against the deal, they will block the deal,” Chief Executive Officer Ivan Glasenberg said in a phone interview. “From my point of view, from Glencore’s point of view so be it. It’s not the end of the world. We will move on.”

Glencore’s planned takeover of Xstrata, set for an investor vote on Sept. 7, has a 60 percent chance of being rejected, UBS AG said yesterday. Glasenberg has repeatedly rebuffed calls to raise the bid even as Qatar Holding LLC has boosted its stake to near 12 percent while saying it wants a sweetened offer.

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