Business in brief: Facebook’s $1bn Instagram deal | Xstrata

Published on 10/04/2012 00:00

SOCIAL network giant Facebook yesterday revealed it will acquire the Instagram photo-sharing application for $1 billion (£628.9m) in cash and stock.

The deal was announced by chief executive Mark Zuckerberg on his own Facebook profile and is expected to close this quarter ahead of the social networking site’s own $5bn IPO later this year. Instagram founder Kevin Systrom said he was “psyched” about the deal.

Qatar increases stake in Xstrata

Qatar’s sovereign wealth fund has increased its stake in Xstrata to just over 5 per cent, smoothing the way for commodities trader Glencore to buy the British-Swiss miner.

Several major shareholders have opposed Glencore’s $41 billion (£26bn) bid for Xstrata but bankers said Qatar would be unlikely to stand in the way of the deal – which must be backed by 75 per cent of shareholders, excluding Glencore.