The second-largest shareholder in Xstrata, Qatar Holding has increased its stake in the global miner, in its first purchase since it made an unexpected demand for better terms from suitor Glencore last month, Reuters has reported.
The company spent just under $7.8m to buy an extra 590,390 shares, taking its stake to 10.997% of the miner and building what is already the largest holding after commodities trader Glencore’s 34%. Qatar was expected to support Glencore but surprised the market in June by demanding an improved ratio of 3.25. Glencore and Qatar are currently locked in talks.
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