Qatar Holding LLC Statement Re Proposed Merger of XTA and GLEN

  Qatar Holding LLC - Statement Re Proposed Merger of XTA and GLEN

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 

+44 (0)20 7404 5959 (Mike Harrison / Carole Cable)



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 

                     This information is provided by RNS
           The company news service from the London Stock Exchange


STRUVONRUWAAARA -0- Nov/15/2012 07:00 GMT
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