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Kazakh miner sees share price soar on potential buyout

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(Globalpost/GlobalPost)

Shares in Kazakh miner Eurasian Natural Resources Corp. rocketed in London trading on Friday after its founders said they were considering a bid backed by the Kazakhstan government to buy out the group.

ENRC soared by 26 percent in value to stand at 290 pence in late deals on London's benchmark FTSE 100 index, which was up 0.37 percent overall.

That valued the company at about 3.7 billion pounds ($5.7 billion, 4.3 billion euros).

A statement earlier said that "Mr Machkevitch is reviewing a number of potential opportunities which include the possibility of forming a consortium together with Mr Alijan Ibragimov, Mr Patokh Chodiev and the Kazakh government to make an offer for ENRC."

"These deliberations are at a very preliminary stage and, accordingly, there can be no certainty that an offer will ultimately be made for ENRC nor as to the terms on which any offer might be made," it added.

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http://www.globalpost.com/dispatch/news/afp/130419/kazakh-miner-sees-share-price-soar-potential-buyout