Qatar’s new-found activist approach to the $58bn merger of Xstrata and Glencore has further distanced Qatar Holding from its regional sovereign wealth fund peers and placed it firmly in the spotlight.
“It’s very surprising,” said one senior Gulf investment banker. “It’s a new direction for the Middle East sovereign wealth funds because in the past they’ve tried to be as passive as possible.”
Qatar Holding said in a statement last week that it was “seeking improved merger terms.” Glencore is offering 2.8 of its shares for each of the miner’s, but Qatar said an exchange ratio of 3.25 a share “would provide a more appropriate distribution of benefits of the merger”.
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