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Kazakhmys to buy 7.66% of ENRC from government
Moscow, June 10, 2008
Kazakh copper producer Kazakhmys has signed a deal to acquire 7.66% of Eurasian Natural Resources Corporation (ENRC) from Kazakhstan's government.
This will increase the stake held by Kazakhmys in ENRC from 14.59% to 22.24%. Kazakhmys will issue 80,286,050 new shares in the government's favor in payment of the shares. The government will own 15% of Kazakhmys post-issue.
The transaction is based on a price of 6.23 pounds sterling per ENRC share or GBP614 million for the whole block of shares.
The transaction will turn Kazakhmys into ENRC's biggest shareholder, however Kazakhmys said in a statement that it did not plan to offer to buy 100% of ENRC.