Miner wants new bid
CENTRAL Asian mining giant Kazakhmys yesterday said it would consider selling its stake in FTSE 100 group European Natural Resources Corporation and back a move by its billionaire co-founders to make it private.
Kazakhmys said its 26 per cent holding in Kazakhstan-based ENRC was not considered a strategic investment. It added: “The board will give due consideration to any proposal made by the consortium to shareholders at the appropriate time.”
The board will give due consideration to any proposal made by the consortium to shareholders at the appropriate time.
It came as the ENRC board rejected a £1.5billion offer from shareholders Alexander Machkevitch, Alijan Ibragimov and Patokh Chodiev and the Kazakh government as undervaluing the group.
It has given the consortium, which owns 54 per cent of ENRC and needs the Kazakhmys stake to ensure that the buyout can go ahead, until June 3 to come up with an improved bid.
ENRC shares dropped 7½p to 264p while Kazakhmys rose 13¼p to 351¾p.
ENRC, which listed in London in June 2007, has had a turbulent recent history hit by boardroom battles and corruption probes.