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Kazakhstan: Miner presses ahead with $4.8B buyout

By  |  August 29, 2013

The founders of Kazakhstan-based miner ENRC, who are looking to acquire the company and take it private for $4.8 billion, said Thursday the majority of minority shareholders backed the offer.

The three founders are looking to refocus the company on iron ore production as the company faces major debt and a major expansion within Africa worth $6 billion. The company’s debt currently stands at $5.5 billion, said one anonymous source cited in reports.

The deal remains subject to regulatory approval by antitrust officials.

Full Content: Reuters

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