Qatar Holding, the Qatari sovereign wealth fund and Xstrata shareholder, said that it hasn't yet made up its mind on whether or not to vote in favour of amended new terms that Glencore revealed this week.

Commodities trader Glencore on Friday raised its share swap offer for Xstrata from 2.8 times to 3.05 times following fierce opposition from the merger's biggest obstacle, Qatar Holding, which owns around a 12% stake in the miner.

Qatar Holding had said previously that it was not happy with the initial exchange ratio of 2.8 though it did "support the principle of a combination".

In a statement on Tuesday morning, the group said: "QH wishes to make clear that it has made no decision yet as to whether or not it would accept the Revised Proposal," the group said on Tuesday morning.

A decision will be made "in due course after giving careful consideration to the implications of the proposed management changes, the other elements of the revised proposal and the views of Xstrata's board."

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