A megamerger in the natural resources business is close to falling apart.
On Friday, shareholders in Xstrata, one of the world’s biggest miners of copper and coal, are to vote on an offer from Glencore, which dominates the global trading of such materials. The deal, which values the combined company at $86 billion, would create a commodities behemoth whose activities touch all types of companies that need raw materials to make cornflakes, cars, mobile phones and other goods.
But Qatar Holding, a unit of the Persian Gulf nation’s sovereign wealth fund, is poised to squash the acquisition.
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