Xstrata's Biggest Shareholder Balks at Merger Terms

The Brazilian miner, Vale (RIO) has offered $87bn for its U.K. rival, Xstrata Plc (XSRAF.PK). But Swiss trader Glencore, Xstrata’s biggest shareholder, has balked at the terms. It’s a cautionary tale of what happens to other investors when a big shareholder pursues its own agenda.

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