But when SWF's interests in companies grow larger and their stakes more important, they But Qatar Holding's demand for better terms for Glencore's proposed merger with Xstrata has stunned both the companies' managements and markets, raising fears such funds may be entering a new phase of activism." (Ibid).
Funds (IFSWF) IFSWF Members’ Experience in the Application of the Santiago Principles, July 7, 2011, and the critical assessment of that report, Sarah Bagnall and Edwin M. Truman, IFSWF Report on Compliance with the Santiago Principles: Admirable but Flawed Transparency, Peterson Institute for International Economics Policy Brief No. PB11-14 (August 2011).
By rejecting Glencore's coveted acquisition of miner Xstrata, Qatar could also put paid to the reputation of Ivan Glasenberg, chief executive of the commodities trader, as consummate dealmaker.
Those who have worked with him on takeovers - and against him defending the companies he targeted - say Glasenberg's self-belief is second to none. That, plus unbending determination, means he normally gets his way.
But this time he appears to have been wrong-footed, thinking the support of major Xstrata shareholder Qatar Holdings was in the bag.
"Did Glencore misread the Qataris? Absolutely," said one banker familiar with the mining sector, but not involved in the deal. "Qatar does not like the limelight, so they must feel pretty strongly to end up going public." (Victoria Howley, Glasenberg's dealmaker renown at mercy of Qatar, Reutrers, June 28, 2012)