Qatar, the second-largest shareholder in Xstrata, said on Thursday it was “firm” in its demand of improved terms from commodities trader Glencore, which hopes to take over miner Xstrata in a $26 billion deal.

Glencore, Xstrata’s top shareholder with an almost 34 percent stake, is offering 2.8 new shares for every Xstrata share held. Qatar – whose sovereign wealth fund has built an 11 percent stake in Xstrata since the planned takeover was announced in February – is demanding an improved ratio of 3.25.

“I cannot talk about it because it’s under negotiation now, but what I can say is our position is firm,” Sheikh Hamad bin Jassim al-Thani, the Qatari prime minister who is also chairman of Qatar Holding, said on the sidelines of a London event.

“We look after Xstrata and all the shareholders of Xstrata, and we think it’s good to merge the two companies. It will be positive for both sides, but at the right price.”

He declined to comment further.

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