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Qatar adds to Xstrata stake

Qatar adds to Xstrata stake

Qatar's sovereign wealth fund plans to increase its stake in Xstrata Plc to at least 10 percent, the Financial Times said on Thursday.

May 12, 2012 7:46 by

Qatar is expected to continue building its stake, currently at 8.5 percent, to 10 percent and could go higher, people familiar with the matter are quoted as saying.

The Gulf state is the second largest investor in Xstrata behind commodities traderGlencore International Plc, which has agreed a $37 billion takeover of the miner, due for completion in the third quarter of 2012.

“It is all about getting a meaningful stake in Glencore,” one person is quoted as saying in the article published on the FT’s website.

The share increase could make it potentially easier for Qatar to mount a blocking vote against shareholders opposed to the merger, the FT said.

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