Qatari Prime Minister Sheikh Hamad bin Jassim Al Thani said the country is “looking in favor” of Glencore International Plc’s (GLEN) proposed $33 billion takeover for Xstrata Plc (XTA), after the miner sweetened its offer.
“We’re looking in favor of doing something between the two companies,” he told reporters today in Doha, in response to a question on whether Qatar supports the deal.
A Qatari recommendation could bring Glencore’s billionaire Chief Executive Officer Ivan Glasenberg a step closer to combining the two Swiss commodity companies in this year’s largest takeover. The merger, five years in the making, would couple Glencore’s trading operations with Xstrata’s coal, copper and zinc mines, creating a group with 130,000 employees in more than 40 nations.
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