Interesting excerp from an article that I found while hunting for news on the Glencore IPO (Glencore owns 34% of Xstrata) ...

"Some big names that failed to show up as cornerstone investors include, Qatar Investment Authority and China Investment Corp . Talks with China's sovereign wealth funds were stymied by the funds' cumbersome processes for deciding on and approving major investments, another source told Reuters."

It caught my eye because the article was describing at length the list of prominent investment houses/big pockets that had bought into the "cornerstone investors" status with the huge IPO that Glencore is in the process of executing. "Twelve cornerstones commit $3.1 bln to Glencore's IPO-term sheet. "Cornerstones agree to six-month lock-up period-term sheet." Glencore is selling up to 20% stake in its holdings".

It has been reported that Glencore could and might very well move towards a merger with Xstrata, and use the IPO returns to acquire strategic holdings in the mineral space.

I wonder why the CIC (Chinese Investment Corporation) has not bought into this IPO given the enormous interest from other large investors and the fact that they may be eyeing the same long-term chrome assets in the ROF.

Ehh! Alex: "What are: Things that make you go HHmmmmm!"

Good luck to all KWG longs

LP