LONDON Billionaire Alexander Machkevitch, one of the founders of Eurasian Natural Resources Corp. Plc (ENRC), is in the preliminary stages of forming a consortium to look at making an offer for the company, ENRCs board has acknowledged.
However, ENRC has not received any formal proposal that could lead to an offer or possible offer for the company, the board added.
In accordance with the United Kingdoms City Code on Takeovers and Mergers, ENRC announced that as of the close of business April 19 it had more than 1.28 billion ordinary shares, valued at 20 cents each, with one voting right per share.
Machkevitch announced his plan to pursue the company earlier April 19 in response to "press speculation."
The consortium is being advised by Société Générale.
"Machkevitch is reviewing a number of potential opportunities, which include the possibility of forming a consortium together with Mr. Alijan Ibragimov, Mr. Patokh Chodiev and the Kazakh government (the "Consortium") to make an offer for ENRC," Machkevitch said in a statement Friday. "These deliberations are at a very preliminary stage and, accordingly, there can be no certainty that an offer will ultimately be made for ENRC, nor as to the terms on which any offer might be made."
A version of this article was first published by AMM sister publication Steel First.