Qatar, the second-largest shareholder in takeover target Xstrata, has bought almost 24 million pounds ($38 million) of additional shares in the miner, lifting its holding to over 12 percent and raising the stakes in a standoff with rival investor Glencore.
Glencore, Xstrata's largest shareholder with 34 percent, is offering 2.8 new shares for every Xstrata share held to secure a tie-up it hopes will create a mining and trading powerhouse. Qatar said last month it was demanding a ratio of 3.25.
Qatar has been incrementally raising its stake in Xstrata since late July, when it owned just under 11 percent.
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