Activist fund Knight Vinke, a top-20 shareholder in miner Xstrata, said on Tuesday it supported a surprise call from fellow investor Qatar for better terms in a takeover offer from commodities trader Glencore .
Glencore, Xstrata's top shareholder, is currently offering 2.8 new shares for every Xstrata share held. Qatar, which has built a stake of around 11 percent in the miner, said last week it would demand a ratio of 3.25 in order to back the deal.
Knight Vinke said in a statement that the deal does not represent fair value for Xstrata on current terms and also objected to the fact no premium is being paid for a change of control.
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