ENRC Commented Situation on Combination with KAZAKHMYS PLC
OREANDA-NEWS. On May 14, 2008 Company EURASIAN NATURAL RESOURCES CORPORATION PLN, common shares of which are traded in Kazakhstan Stock Exchange (KASE) category "A" official list, provided to KASE the press release, where informs on the following, reported the press-centre of KASE:
On 12 March 2008, Eurasian Natural Resources Corporation PLC ('ENRC', or together with its subsidiaries, 'the Group') announced that it was at the early stages of evaluating a potential combination of its business with that of Kazakhmys.
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.
Given ENRC's scale and diversity the Board continues evaluation of a number of opportunities to create further value for its shareholders, involving both investments in the existing businesses as well as 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.