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:
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.
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