Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar Holdings will vote for Glencore's USD32b bid for Xstrata  Join our daily free Newsletter

MENAFN - 17/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) Qatar Holdings finally gave its blessings to commodity trader Glencore's sweetened USD32 billion takeover of Swiss miner Xstrata, setting the deal to go ahead, Reuters reported.

Qatar, an unexpected kingmaker in Glencore's bid for Xstrata, said it would vote for two key resolutions on the takeover, which is aimed at creating a mining and trading powerhouse.

Qatar's support for the deal, first announced in February, came after its surprise opposition to terms in June and brought Glencore within weeks of sealing its long-running pursuit of Xstrata.

Through a series of votes, Xstrata investors will be able to express their views on the management retention plan without endangering the merger.

Xstrata has said the retention plan was necessary to the success of the merger because it will ensure key managers stay on to oversee the shift into a phase of significant volume growth at the company's mining projects.

Qatar was reluctant to become involved in the debate over management pay, which has been raging in Britain since the so-called shareholder spring.

The Gulf state has built up a stake of more than 12 per cent in Xstrata, making it the second largest shareholder in the Swiss miner.

Qatar's abstention on the retention plan, which offers more than 70 top executives a total of almost USD222 million will be an embarrassment for Xstrata, which until last month insisted that the takeover be tied to the pay deal.

The vote, scheduled for November 20, comes after Glencore bowed to investor pressure with a raised bid in September. Glencore increased its offer to 3.05 new shares for every Xstrata share, from an earlier bid of 2.8 per share.

EU competition regulators will give their verdict on the tie-up two days after the Xstrata shareholder vote.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help