Kazakhmys asks for "put-up shut-up" from ENRC

LONDON (Reuters) - Kazakh copper producer Kazakhmys (KAZ.L: Quote, Profile, Research, Stock Buzz) said on Tuesday it had asked UK takeover regulators for a so-called "put-up or shut-up" ruling to force rival Eurasian Natural Resources (ENRC.L: Quote, Profile, Research, Stock Buzz) to make a firm takeover proposal or walk away.

Kazakhmys said in a statement it had not received any takeover proposal since ENRC announced on March 12 that it had held informal talks with Kazakhmys.

"Kazakhmys confirms today that nothing has been received since that date," the firm said.

Under UK takeover regulations, a firm has the right to request a deadline from a suitor to make its intentions clear. If a firm fails to make a firm offer by the deadline, it is not allowed to do so for six months.

ENRC -- the world's biggest producer of ferrochrome and the sixth-largest iron ore exporter by volume -- said it held discussions with Kazakhmys as it explored possible strategic opportunities following ENRC's London flotation in December.

The March 12 announcement about preliminary talks sent Kazakhmys shares racing to a record high and pushed up the firm's market value to a peak of $17.3 billion.

They are now trading around 7 percent lower than the March 12th closing peak and fell 2.1 percent to 16.65 pounds by 1115 GMT, largely in line with the UK mining index.

Kazakhmys, the world's 10th-biggest copper producer, is owned 45.8 percent by its Chairman Vladimir Kim, while Chief Executive Oleg Novachuk has a 7.7 percent stake.

The government of Kazakhstan owns 19.3 percent of ENRC, a company that had revenues of $3.3 billion in 2006, accounting for about 4 percent of the nation's GDP.