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Glencore planning to buy Kazakhstan's ENRC for $19.5 billion

13 june 2011, 17:31
0
©REUTERS/Christian Hartmann
©REUTERS/Christian Hartmann
The commodity trader Glencore is negotiating purchase of a major Kazakhstan metallurgical company Eurasian Natural Resources Corporation (ENRC), Bloomberg reports. The deal might cost 12 billion pounds ($19.5 billion).

Ivan Glasenberg, Glencore’s chief executive officer has already discussed the deal with the main shareholders of ENRC Aleksandr Mashkevich (who owns 26 percent in the group’s share capital), Alidzhan Ibragimov (with 14.59 percent) and Patokh Shodiyev (14.59 percent). Besides, the CEO discussed the deal's details with Kazakhstan Government that owns a 11.65 percent stake in ENRC. In case the deal is done, Glencore will become one of the top metallurgical companies, like BHP Billiton and Rio Tinto.

Earlier Tengrinews English reported citing AFP that Glencore raised about $10 billion (7.0 billion euros) through an initial public offering set at 530 pence per share.

"Glencore’s offer has seen substantial interest from investors around the world and was significantly oversubscribed throughout the price range providing Glencore with a high quality, diverse and geographically spread investor base," said Ivan Glasenberg.

According to media reports Bulat Utemuratov is likely to become Kazakhstan richest man after Glencore's listing.
Bulat Utemuratov is one of the closest assistants of Kazakhstan President Nursultan Nazarbayev, according to KazTAG.

Western media reported that Utemuratov might receive $2 billion after Glencore's investment of 40 percent of its $7.9 billion income into purchase of Verny Capital, a partner of KazZinc.

Meanwhile, Glencore decreased its stake from 69 to 50.7 percent after buying the remaining 60 percent in Vasilkovskoye field. Hence, Utemuratov owns at least 18.3 percent of the Kazzinc stake. Besides, he is said to be the main shareholder of Verny Capital.

Bulat Utemuratov was a diplomat and became a banker. He got into Forbes list with $1 billion in 2007. Now he might beat two other billionaires: Kazakhstan President's son-in-law Timur Kulibayev and three founders of ENRC mining giant (wealth of the company owners is estimated at $3.7 billion).

Earlier Utemuratov bought one of the most expensive and fashionable hotels of Moscow Ritz-Carlton located close to the Red Square and the Kremlin. The deal cost him $350 million.

Glencore, the world's biggest commodities trader by revenue with $145 billion in 2010, has secured $3.1 billion from so-called cornerstone investors, who have subscribed to 31 percent of the shares on offer.

These investors include sovereign wealth funds in Singapore and Abu Dhabi, asset managers and private banks.

Glencore has said it would use funds raised by the listing to pay down debt, boost its stake in Kazzinc, a zinc producer with core operations in eastern Kazakhstan, and finance other projects to expand its business.

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