Glencore Xstrata Plc is considering an offer to buy manganese assets from Eurasian Natural Resources Corp., the Kazakh miner taken private by its founding shareholders, according to people familiar with the situation.
Eurasian Natural Resources Corp. will probably select billionaire founder Alexander Machkevitch as chairman, helping resolve a dispute over board appointments and bringing clarity to decision-making, according to analysts.
Kazakh billionaire Alexander Machkevitch, one of three founders of Eurasian Natural Resources Corp., denied speculation that he may sell the London-listed metals producer, Express K newspaper reported.
Olympus Corp., the camera maker that admitted hiding losses for over a decade, said it’s considering suing present and past executives after receiving a report from a panel probing management responsibility for the cover-up.
A Eurasian Natural Resources Corp. independent committee set up to assess offers said it can’t recommend that shareholders accept a bid from the founders and the Kazakh government that values ENRC at $4.7 billion.
Eurasian Natural Resources Corp.’s founders and the Kazakh government will offer a mix of cash and Kazakhmys Plc shares to buy ENRC in a bid that values the mining company at 3.04 billion pounds ($4.7 billion).