A $4.7-billion bid by the founders of ENRC to buy out the Kazakh miner has gained the support of top shareholder Kazakhmys, paving the way for them to take the company private after almost six turbulent years. ENRC’s three founders, Alexander Machkevitch, Alijan Ibragimov and Patokh Chodiev, along with the Kazakh government are seeking to acquire the roughly 46% they do not already control, and on Monday they confirmed a bid in cash plus the government’s shareholding in Kazakhmys. They had until 5 p.m. (16:00 GMT) to either make a firm offer or walk away. Kazakhmys has long sought to resolve its troublesome 26% stake in ENRC, and its support is vital for the three billionaire founders, who want to draw a line under a London adventure marred by corruption probes, governance concerns and boardroom rows.
See http://www.miningweekly.com/article/enrc-47bn-buyout-bid-gets-support-from-kazakhmys-2013-06-24.