Norwegian fund joins Qatar in opposing Glencore-Xstrata deal

Norway's oil-backed sovereign wealth fund has outlined its fierce opposition to the proposed Glencore-Xstrata merger, putting the proposed $30bn takeover under threat.

In February Xstrata formally announced its intention to merge with Glencore, the world's largest commodities trader, to create a 'powerhouse' worth $90bn (£56bn). The Financial Times reports Norges Bank Investment Management, the fourth largest shareholder in Xstrata, has voiced its disapproval of Glencore's offer by increasing its stakehold in Xstrata. The Norwegian fund now holds 2.97% in Xstrata, up from 1.72% in June, and subsequently has gained a greater percentage of voting rights. In a similar move last week, sovereign wealth fund Qatar Holding announced it has increased its...