Qatar Holding Poised To Block $31B Glencore-Xstrata Merger

Law360, New York (August 30, 2012, 8:28 PM EDT) -- Glencore International PLC's troubled $31 billion takeover bid for miner Xstrata PLC fell to the brink of failure Thursday when Qatar's state-owned private equity house, Xstrata's second-largest shareholder, affirmed it would not bend on earlier intentions to block the deal.

In its second public statement since Glencore and Xstrata earlier this summer revealed plans to merge into one of the world's largest miners, Qatar Holding LLC said it would vote its entire 12.3 percent interest in the company against the proposed deal's existing terms.

However, Qatar...
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