glencore considers \options\ on xstrata merger
Last Updated : GMT 01:55:14
Arab Today, arab today
Arab Today, arab today

Glencore considers \'options\' on Xstrata merger

Arab Today, arab today

Arab Today, arab today Glencore considers \'options\' on Xstrata merger

Doha - AFP

A blockbuster merger between Glencore and Xstrata could be salvaged after Glencore adjourned on Friday a vote on the deal that was doomed to be blocked by key shareholder Qatar. Qatar Holding said last week it opposed the terms of the merger which if completed would create a commodities behemoth worth around 69.8 billion euros ($87.3 billion) according to the current market capitalisation. While previously flatly refusing to revise its offer, Glencore on Friday made a surprising decision to postpone the vote and said that it is \"considering its options and will update the market in due course\". The group also sought a temporary suspension of trading of its stocks on the London and Hong Kong exchanges. The current merger terms offer 2.8 new Glencore shares for every one existing Xstrata share, but Qatar Holding has since June demanded Glencore cough up 3.25 shares for each Xstrata existing share, a 16 percent boost. Other shareholders have since rallied around Qatar\'s new demands on the deal.

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