DUBAI, United Arab Emirates – Qatar Holding, a major shareholder of mining group Xstrata, says it has made no decision yet on whether to accept Glencore International’s latest offer to salvage a multibillion-dollar merger bid for the Anglo-Swiss company.
Glencore said Friday it would pay 3.05 shares for each Xstrata share, up from its original 2.8 shares offer.
It sweetened the offer further Monday by announcing that Xstrata CEO Mick Davis would be the CEO of the new company, but for no more than six months.
Qatar Holding is Xstrata’s second-largest shareholder.
It had strongly resisted the lower bid, and its opposition threatened to scuttle the deal. Tuesday’s statement was its first on Glencore’s revised terms.
Qatar Holding says it will decide on the new terms “in due course” after considering the revised offer.