Glencore's $25B Xstrata Stock Offer Now Too Low, Qatar Says

Law360, New York (June 27, 2012, 2:42 PM EDT) -- Just weeks away from sealing the year's biggest and thorniest cross-border merger, commodities trader Glencore International PLC got a surprise late Tuesday when a key shareholder of its acquisition target, Canadian miner Xstrata Resources PLC, said the $25 billion stock offer was too low.

Sovereign wealth fund Qatar Holding, which has quietly built up the second-biggest position in the Canadian mining company, wants the offer of 2.8 Glencore shares for each of Xstrata's raised to 3.25, according to a statement.

Qatar Holdings said while it saw...
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