Published on 26th May 2013
The largest investor in ENRC has fallen in behind a 3.3bn pound takeover bid for the beleaguered FTSE 100 miner, all but ensuring its success despite protests from independent directors. Kazakhmys, a rival resources group with operations in Kazakhstan, has signalled privately that it will vote its 26 per cent stake in favour of the controversial offer tabled by ENRC’s three oligarch founders and the Kazakh government, even if the terms are not improved, The Sunday Times reports.