LONDON May 19 The offer for miner ENRC
made by its founding shareholders and the Kazakh government
included shares in rival miner Kazakhmys, a British
newspaper reported on Sunday.
The board of ENRC on Friday rejected the proposed buyout of
the trouble Kazakh miner's minority investors, giving the
consortium two weeks to come up with an improved bid.
The rejected offer was 260 pence per share, The Sunday Times
reported. Shareholders would have received 175 pence per share
in cash, plus 0.23 of a share in Kazakhmys, which has a 20
percent stake in ENRC.
The shares would not be new shares from Kazakhmys, but would
come from the Kazakh government's large holding in the company,
the report said, citing senior sources at ENRC.
ENRC's shares closed on Friday at just under 272 pence.
ENRC declined to comment and the consortium were not
immediately available to comment.