Commodities trader Glencore , scrambling to save its $30 billion offer for miner Xstrata, is expected to sweeten its bid in order to seal the deal, after key shareholder Qatar said it could oppose the takeover on current terms.
Qatar, which remained silent on its intentions for months as it built the second-largest stake in Xstrata, said in a surprise statement on Tuesday that it supported the principle of the deal but demanded an improvement in terms from 2.8 new Glencore shares for every Xstrata share to 3.25.
Glencore, which made its long-awaited move for Xstrata in February, had been expected to improve the terms of its all-share deal in the early days after the offer was announced.
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