kazakh miner stocks surge on takeover speculation
Last Updated : GMT 12:52:20
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Arab Today, arab today

Kazakh miner stocks surge on takeover speculation

Arab Today, arab today

Arab Today, arab today Kazakh miner stocks surge on takeover speculation

London - AFP

Shares in Kazakh miner ENRC soared more than five percent Monday on reports that it faced a possible takeover by Swiss commodities giant Glencore worth £12 billion (13.6 billion euros, $19.6 billion). London-listed Eurasian Natural Resources Corporation (ENRC) saw its shares jump 5.39 percent to 782 pence on the British capital\'s FTSE 100 index of leading companies, which was down 1.35 percent in early afternoon deals. Glencore chief executive Ivan Glasenberg has held recent takeover talks with three billionaires who control around 45 percent of ENRC stock, the Sunday Times reported over the weekend. However, ENRC declined to comment on the story when approached by AFP, while Glencore had yet to respond at the time of publication. The Sunday Times, which cited a source with knowledge of the discussions, said the deal would transform the Swiss trader into one of the world\'s largest mining operators. The report has surfaced weeks after Glencore launched itself onto the stock markets in Hong Kong and London, in a historic flotation which valued the Swiss giant at $59.2 billion (42.0 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. Glencore is the world\'s biggest commodities trader, with products including oil, coal, gold and foodstuffs. It also owns a number of mines worldwide.

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