BBC News - Today - Will Xstrata-Glencore merger fail? Qatar's sovereign wealth fund took the unexpected step of saying that it wants better terms if the deal between the world's biggest commodities trader, Glencore, and the mining giant Xstrata is to progress. Tom Stevenson, Investment Director at Fidelity Worldwide Investment, the Qatari's "appear to be playing their hand quite well to take advantage of the situation to drive a better price." He told the Today programme's business presenter Simon Jack that it looks "extremely likely that the deal will fall through."