Arab Today, arab today kazakh consortium makes £3bn bid for miner enrc
Last Updated : GMT 11:33:52
Arab Today, arab today
Arab Today, arab today

Kazakh consortium makes £3bn bid for miner ENRC

Arab Today, arab today

Arab Today, arab today Kazakh consortium makes £3bn bid for miner ENRC

London - AFP

The founders of mining giant Eurasian Natural Resources Corp and the Kazakh government on Monday launched a takeover bid valuing London-listed ENRC at £3.04 billion ($4.67 billion, 3.57 billion euros). ENRC, one of Central Asia\'s largest miners, has operations in Kazakhstan, China, Russia, Brazil and Africa, and has been quoted on the London stock market since 2007. Eurasian Resources Group, a newly-formed consortium, said in a statement that it had offered to buy full control of ENRC after rival miner Kazakhmys agreed to sell its 26-percent stake. The consortium -- which includes ENRC founders Alexander Machkevitch, Alijan Ibragimov, Patokh Chodiev, as well as the Kazakh government -- wants to de-list the company and boost its operational performance. The three co-founders and the Kazakh state already own almost 54 percent of ENRC. The takeover offer is pitched at $2.65 in cash, plus 0.230 Kazakhmys shares per ENRC share. ENRC has yet to issue a response. \"The board of Eurasian Resources Group is pleased to announce the terms of an offer to be made by Eurasian Resources for the entire issued and to be issued share capital of Eurasian Natural Resources Corporation PLC,\" said a statement from the consortium. It added: \"The offer values each ENRC share at approximately 234.3 pence and the fully diluted share capital of ENRC at approximately £3.043 billion.\" In a separate statement, Kazakhmys said the deal would give it about $887 million in cash, and more than 77 million Kazakhmys shares. It added that this will \"substantially strengthen the group\'s financial position\". Kazakhmys noted that the offer \"may undervalue ENRC and its assets\", but had concluded that there was \"no prospect\" of obtaining improved terms from the consortium. \"The share price performance of ENRC over recent years has been disappointing and has materially lagged behind its diversified mining peer group,\" added the consortium statement. \"There have been several reasons for this and whilst the founders and the Kazakh government are confident of the underlying quality and overall potential of ENRC\'s key businesses, they believe that the value of ENRC will only be fully realised if ENRC is no longer a listed company, allowing greater management focus on operational performance. \"The Kazakh government has a particular interest in stabilising the operating and financial performance of ENRC given that ENRC employs approximately 66,700 people in Kazakhstan and is responsible for providing key infrastructure support in a number of areas.\"  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kazakh consortium makes £3bn bid for miner enrc Arab Today, arab today kazakh consortium makes £3bn bid for miner enrc

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January

GMT 07:16 2017 Monday ,20 February

Global arms trade highest since Cold War

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday