Qatar, the second-largest shareholder in Xstrata (XTA.L), said on Thursday it was "firm" in its demand for improved terms from commodities trader Glencore (GLEN.L), which hopes to take over miner Xstrata in a $26 billion deal.
Glencore, Xstrata's top shareholder with an almost 34 percent stake, is offering 2.8 new shares for every Xstrata share held.
Qatar - whose sovereign wealth fund has built an 11 percent stake in Xstrata since the planned takeover was announced in February - is demanding an improved ratio of 3.25.
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