TIDMXTA TIDMGLEN
RNS Number : 1900R
Qatar Holding LLC
15 November 2012
Statement in relation to proposed merger of Glencore
International plc ("Glencore") with Xstrata plc ("Xstrata")
Doha, 15th November, 2012
The Board of QH has decided how it will vote its shares in
Xstrata at the Further Xstrata General Meeting and the New Court
Meeting, both to be convened on Tuesday, 20th November 2012. In
order to provide clarity to the market, QH has decided to announce
its voting intentions.
QH continues to see merit in a combination of the two companies
and is satisfied with the terms of the proposed merger, having
secured the improved exchange ratio of 3.05 new Glencore shares for
every one existing Xstrata share. With respect to the Revised
Management Incentive Arrangements, QH strongly believes that
retaining Xstrata's operational management is of critical
importance to the successful and stable integration of the two
companies, the completion of key projects within agreed timescales
and to maximising the benefits of the merger. However, QH is
conscious of the sensitivities concerning governance issues in the
U.K. and does not feel it appropriate to influence the outcome
either way.
Accordingly, at the New Court Meeting QH will vote its entire
shareholding in Xstrata in favour of both New Scheme Resolution 1
(to approve the New Scheme subject to the MIA resolution being
passed) and New Scheme Resolution 2 (to approve the New Scheme
subject to the MIA resolution not being passed); and at the Further
Xstrata General Meeting, QH will abstain from voting on the MIA
Resolution, whilst voting in favour of Resolution 1 (regarding
procedural matters relating to Scheme implementation).
For further information:
Website: www.qatarholding.qa
Enquiries: +44 (0)20 7861 3232 (Stephen Benzikie / Alisdair Haythornthwaite)
+44 (0)20 7404 5959 (Mike Harrison / Carole Cable)
NOTES TO EDITORS:
QATAR HOLDING LLC
Qatar Holding, a wholly-owned subsidiary of Qatar Investment
Authority, is a global investment corporation and a preferred
partner of choice for investors, financiers and other
stakeholders.
It is envisaged that the already significant investment
portfolio of Qatar Holding will continue to grow. Key investments
of Qatar Holding include Agricultural Bank of China, Barclays plc,
Canary Wharf Group (via Songbird Estates), Credit Suisse Group,
Harrods Group, Hassad Food Company, Iberdrola SA, J Sainsbury plc,
London Stock Exchange, Lagardere, Porsche, Qatar Exchange, Qatar
Telecom, Qatar National Bank, Santander Brasil and Volkswagen
AG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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