Skip to main content

The Globe and Mail

Qatar raises stake in takeover target Xstrata to over 12%

Qatar has increased its stake in Xstrata in its bid to win a takeover battle with Glencore.

Urs Flueeler/AP

Qatar, the second-largest shareholder in takeover target Xstrata, has bought almost £24-million ($38-million U.S.) of additional shares in the miner, lifting its holding to over 12 per cent and raising the stakes in a standoff with rival investor Glencore.

Glencore, Xstrata's largest shareholder with 34 per cent, is offering 2.8 new shares for every Xstrata share held to secure a tie-up it hopes will create a mining and trading powerhouse. Qatar said last month it was demanding a ratio of 3.25.

Qatar has been incrementally raising its stake in Xstrata since late July, when it owned just under 11 per cent.

Story continues below advertisement

Glencore earlier this week made its strongest suggestion yet that it could walk away from its $30-billion bid for Xstrata, saying it was not a "must-do" deal.

Xstrata shareholders are due to vote on the deal on Sept. 7.

Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at