Commodities giant Glencore laid out its final £36bn offer for miner Xstrata yesterday, after months of a stand-off with Qatar, which demanded an improved merger ratio.
Glencore yesterday offered 3.02 new shares for each Xstrata share, up from 2.8 previously agreed. It also wants chief executive Ivan Glasenberg to stay as head of the new company, after six months under Xstrata’s Mick Davis.
The Qatar wealth fund said in a statement this morning: “Qatar wishes to make clear that it has made no decision yet as to whether or not it would accept the revised proposal.”
It added: “Qatar will make its decision in due course after giving careful consideration to the implications of the proposed management changes, the other elements of the revised proposal and the views of Xstrata's board.”
Xstrata’s independent directors have until 24 September to decide whether they will present the offer to shareholders.