DUBAI, Oct 15 (Reuters) – Qatar, the second-largest investor
in miner Xstrata, is looking favourably at the company’s
proposed merger with commodities trader Glencore, Prime
Minister Sheikh Hamad bin Jassim al-Thani said on Monday.
Asked at a news conference if Qatar would support a merger,
Sheikh Hamad said: “It is under a lot of consideration and
focus. We are looking in favour of a merger between the two
companies.”
The tiny, gas-rich Gulf state has become an unexpected
kingmaker in Glencore’s bid for Xstrata, the world’s fourth
largest diversified miner.
Glencore bid in February for the shares in Xstrata it did
not already own, launching one of the resources sector’s
biggest-ever takeover deals. It was forced to raise its price
after Qatar opposed the deal.
Sheikh Hamad did not comment specifically on whether Qatar
was satisfied with all aspects of the raised bid, or whether the
Gulf state would ultimately cast its vote for the merger.
