ENRC will not make Kazakhmys bid

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By Jamil Hussein

Date: Tuesday 13 May 2008

LONDON (ShareCast) - Miner Eurasian Natural Resources (ENRC) said it does not intend to make an offer for Kazakhmys at the current time.

“Following a detailed evaluation of the potential combination, the board of ENRC, while concluding that the enlarged group would have certain strategic and financial merits, has decided not to make an offer for Kazakhmys at the current time,” said ENRC.

The Takeover Panel had given ENRC until 16 May to make an offer for the fellow Kazakh miner or walk away.

Kazakhmys noted ENRC’s decision and said it is “pleased” the period of uncertainty is over.

“The board of Kazakhmys confirms its intention to continue its stated strategy of delivering its existing major growth projects and building a leading diversified natural resources business in Kazakhstan and the Central Asian region,” said Kazakhmys.

ENRC said it continues to look at opportunities to create further value, which involves both investments in the existing businesses and through mergers and acquisitions.

“To this end the group recently announced a number of financially disciplined acquisitions, in Russia, Brazil and the People's Republic of China, expanding its geographical presence in its core commodities,” it added.

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