* 96 percent of shareholders support transaction
* Deal will give access to inexpensive coal
LONDON, April 2 Independent shareholders in ENRC
approved the Kazakh miner's proposed $650 million
acquisition of the outstanding 75 percent of Kazakh coal
producer Shubarkol Komir from its founder investors.
At a meeting on Monday, 96 percent of shareholders voting
supported the deal, ENRC said in a statement.
Shareholders - excluding the three founder investors - had
been due to vote on the deal in November, but the miner delayed
the vote, blaming volatile market conditions and citing
shareholder requests. Last month it set a fresh meeting date,
after "considerable engagement" with shareholders.
ENRC says the acquisition, for up to $600 million plus
assumed debt of around $50 million, will give it access to
inexpensive coal for its existing operations and expansion
plans, supporting the group's low-cost profile.
But it is also the first deal with the company's founder
shareholders since it completed a corporate governance review in
September, after a bruising disagreement between the founders
and some board members.
ENRC acquired a 25 percent stake in Shubarkol for $200
million in cash in 2009, along with a call option on the