Glencore to become ENRC shareholder?

The largest raw materials trader in the world Glencore International (Switzerland) is going to purchase 14.59% of Eurasian Natural Resources Corporation (ENRC,Kazakhstan) shares from one of the company’s founders Alexander Mashkevich, IzRus Israel portal reports with reference to a Kazakh official.

The decision about sale of a share in ENRC, main assets of which are in Kazakhstan, was made about a month ago, RIA News reports. in June the Sunday Times reported, that Glencore was considering possibility of ENRC purchase. ENRC is one of the largest producers and exporters of ferroalloys, iron ore, alumina and aluminium in the world. The transaction could have made £12 billion ($19.5 billion). However, Glencore disproved these announcements in the same month.

Officially, the transaction will be reported approximately in the beginning of next year. Currently an audit and other procedures necessary for sale are being led.

A representative of Glencore reported, that the company “does not comment upon market rumours”, at the same time he noted, that the contents of the article “does not reflect the reality”.

 

Source: http://www.metalinfo.ru/ru/news/51189

Translated by Alexandra Utyasheva

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