Qatar Buys More Xstrata
Qatar Holding LLC, a sovereign wealth enterprise (SWE) of the Qatar Investment Authority (QIA), now has a 5% position in Xstrata PLC shares. Globally, Xstrata has mining projects in areas such as coal, copper, nickel, and zinc. Xstrata PLC is planning a £50 billion merger with Glencore.
Glencore already owns 33.6% of Xstrata and Blackrock owns around 5.4%. This puts the Qatar Investment Authority in third place when it comes to share ownership. This is angering other shareholders that are against the terms of the merger since some feel Qatar will be for the merger. Other shareholders feel that Xstrata is being sold too cheaply and that the exchange ratio is unfair.