Glencoreis ready to walk away from its $58bn merger with Xstrataif a group of dissident shareholders led by the Qatari sovereign wealth fund does not drop its demands for a much higher premium.
Representatives of Qatar Holding, Xstrata’s second-largest shareholder with almost 11 per cent, held an emergency meeting with Glencore bankers yesterday after Qatar shocked the market on Tuesday night by saying it did not support the merger under its current terms.
Qatar stuck to its position that only an offer of 3.25 Glencore shares for each of Xstrata’s – 16 per cent higher than the current offer of 2.8 shares – would win its support.
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