ENRC founders get 95.99% shareholder vote for ENRC takeover

September 26
7:44 AM 2013

The founders of Eurasian Natural Resources Corp (ENRC) received approval from 95.99% of the mining firm's stakeholders for their takeover offer. In a statement, ENRC part-owner Eurasian Resources Group BV announced that 16.1% of shareholders accepted their offer, bringing the total to 95.99%.  This included the irrevocable undertaking pledged by Kazakhmys Plc earlier in the year. Shareholders approved the transaction early in August.

Eurasia Resources holds a 54% stake in ENRC, while Kazakhmy's owns 26%. Eurasian Resources gave the ferrochrome producer's remaining investors until October 9 to accept their buyout offer. This was already an extension to the original September 11 deadline previously given by Eurasian Resources.

Billionaires Alexander Machkevitch, Patok Chodiev and Alijan Ibragimov established Eurasian Resources together with the Kazakh government. In June, they offered USD 2.65 in cash and 0.23 of a Kazakhmys share for every ENRC share. The total acquisition offer was pegged at GBP 3 billion or USD 4.8 billion.

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