Qatar Holding owns a a 12% stake in Xstrata also sought Glencore to refrain from taking over the
operational management at Xstrata.
”QH continues to see merit in a combination of the two companies and is satisfied with the terms of the proposed merger, having secured the improved exchange ratio of 3.05 new Glencore shares for every one existing Xstrata share,” the company said in a press release.
The transaction is also awaiting the anti-trust approval from the European Union, having prepared consessions to accerelate the merger.
A decision from the EU antitrust authority is due on 22 November 2012.
Glencore requires a nod from 75% of Xstrata’s shareholders for the merger to go ahead while only 50% are required to vote against it, for the proposal to collapse.
