LONDON: Glencore's $30 billion bid for miner Xstrata is not a "must-do deal" its chief executive said on Tuesday, in making the company's strongest suggestion yet that it will not yield to key shareholder Qatar's demands for an improved offer.
Ivan Glasenberg, speaking after the commodities trader reported a smaller than expected drop in its first-half profit, expressed exasperation with Qatar Holding, which has been in a stand-off with Glencore since the sovereign wealth fund surprised the market by demanding an improvement to Glencore's offer of 2.8 new shares for every Xstrata share.
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