Xstrata delays Glencore merger vote to September It is hoped the delay will give Glencore long enough to persuade Xstrata shareholders, including Qatar Holdings, to accept the merger although that may require an improvement in its terms. Oil-rich Qatar, which has built the second-largest stake in the miner, said last week it was firm in its demand for Glencore to improve its offer to 3.25 Glencore shares for every Xstrata share held, up from the 2.8 on offer. There has been speculation that Glencore could abandon its proposed £42bn deal, with The Sunday Telegraph reporting that Ivan Glasenberg, the commodity trader's chief executive, would be prepared to walk away rather than be forced into what he would consider overpaying for the deal. Xstrata said on Wednesday that it continued to expect the merger to complete in the fourth quarter. Xstrata and Glencore have won approval for the merger in Australia and "continue to engage in constructive discussions with the European Commission ahead of formal notification of the transaction," according to Wednesday's statement. Separately on Wednesday, Glencore announced that it had bought the European ferromanganese plants belonging to Brazilian miner, Vale, for $160m.