BlackRock breaks silence to back 'Glenstrata' deal

BlackRock has broken its silence over the proposed merger of commodities giant Glencore and miner Xstrata, saying it will back the deal.

The fund manager, which has a 6% stake in Xstrata through its funds, including Evy Hambro’s £9bn World Mining fund, is planning to support the controversial £50bn merger, the Telegraph reports. Standard Life Investments, Schroders, and Allianz Global Investors have all publicly opposed the mega-merger. But BlackRock, which is Xstrata’s second biggest shareholder, has now publicly said the structure of the deal is better for both companies. Catherine Raw, co-manager of the World Mining fund, said she supports the bid to join the two FTSE 100 companies in what is billed an all-share “me...