By holding out against Glencore's bid for mining giant Xstrata, Qatar is not just gunning for more profit from its stake, but showing Western financiers it won't be pushed around.
With a sovereign wealth fund analysts estimate at about $100 billion, the rich Gulf state has bought assets around the world over the past several years, including sizeable stakes in European banks, football clubs and luxury car makers.
But liberal spending threatens to create an image of Qatar as an extravagant investor that buys trophy assets mainly for the prestige, which could hurt its ability to negotiate attractive deals.
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