Business & Finance

Glencore eyes $19.5bn ENRC takeover

LONDON : Commodities trader Glencore is considering making a 12 billion pounds ($19.5 billion) takeover bid for Kazakh m

Published June 12, 2011 Updated June 12, 2011 10:01am

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By Syed Murtaza Gheblehzadeh

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The report said Glencore's Chief Executive Ivan Glasenberg had held talks in recent weeks with three investors -- Alexander Mashkevitch, Patokh Chodiev and Alijan Ibragimov -- who control some 45 percent of ENRC's shares.

"Both sides want to do it," the paper quoted an unidentified source with knowledge of the discussions as saying.

"They decided to park the talks until the Glencore listing, and come back to talk numbers. They will meet again in the next few weeks."

Glencore, the world's largest diversified commodities trader, has also held talks about a possible deal with the Kazakhstan government, which hold 12 percent of ENRC, the report added, citing a separate unidentified source.

Swiss-based Glencore listed on the London stock exchange in May in a record-breaking market debut.

An ENRC spokeswoman declined to comment on the report when contacted by Rueters, while Glencore was not immediately available for comment.

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