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ENRC says Kazakhmys stake will not block takeovers

Thu Aug 21, 2008 3:18am EDT

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LONDON, Aug 21 (Reuters) - Kazakh miner Eurasian Natural Resources Corp (ENRC.L) will keep looking for takeovers, especially in China, and this will not be made difficult by an increased stake of 25 percent held by rival Kazakhmys (KAZ.L).

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"The 25 percent stake does not impede our ability to do major transactions," Chief Financial Officer Miguel Parry told a conference call. Only a simple majority of shareholders was needed to approve acquisitions, not 75 percent as some analysts have said, he added.

Chief Executive Johannes Sittard reiterated that ENRC would not offer a board seat to Kazakhmys because they were both competing for deposits in the region. (Reporting by Eric Onstad; Editing by Erica Billingham)

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