Glencore International PLC (GLEN.LN) will stick to its terms of
a $33 billion bid for Xstrata PLC (XTA.LN), resisting shareholder
pressure to improve the offer four days before investors vote,
Bloomberg News reported Monday on its Website, quoting an unnamed
person familiar with the matter.
The person said no talks were held during the weekend and none
are slated between Glencore and Qatar Holding LLC, the top opposing
shareholder, according to the report. If the current proposal
fails, executives would consider a different offer that would be
harder to block, Bloomberg News cited the person as saying.
Opposition to Switzerland-based Glencore's all-share offer made
in February intensified last week when Qatar Holding, which owns
12% of Xstrata, confirmed that it would vote against the current
terms at a vote Sept. 7, the report said.
It said Charles Watenphul, a spokesman for Glencore, declined to
comment, as did an Xstrata spokesman. Qatar's officials weren't
immediately available for comment, the report said.
Full story:
http://www.bloomberg.com/news/2012-09-02/glencore-said-to-stick-to-xstrata-terms-
says-before-vote.html
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