Qatar’s sovereign wealth fund has built a 5% stake in Xstrata ahead of the mining giant’s planned $41 billion takeover by commodities trader Glencore.
The tiny Gulf Arab state’s sovereign wealth fund, Qatar Investment Authority (QIA), now ranks as the third-largest shareholder in Xstrata behind Glencore and asset manager BlackRock Inc, states Reuters data.
Regulatory filings showed that Qatar, which owns stakes in Credit Suisse and supermarket chain Harrods, built up its Xstrata holding — worth $2.7 billion at current prices — through a series of stock market transactions which began soon after Glencore announced it was buying the firm.
No immediate comment was available from the Qatar fund.
Potential support for Glencore from Qatar could be key in seeing through the Xstrata acquisition, which has run into opposition from key shareholders including Standard Life Investments and Schroders.