Qatar backs Glenstrata merger

Qatar Holding confirmed this morning it would back Xstrata’s mega-merger with Glencore at the shareholder vote next Tuesday.

Xstrata’s second-largest shareholder after Glencore said it would vote in favour of two key resolutions, which will pave the way for the £56bn deal to go ahead.

The vote, which comes 10 months after commodities giant Glencore first approached Xstrata, will see Xstrata shareholders vote on the deal, which was sweetened in September to 3.05 new shares for every Xstrata share.

Under a complex voting structure announced last month, Xstrata shareholders will be able to vote in support of the deal, but object to the retention plan for key managers.