Kazakhmys able to block ENRC delisting with 26% stake - not our usual focus but interesting scenario
There was an interesting assessment from UBS research on the situation with ENRC.
UBS is of the view that ENRC the consortium, if formed, would control 56% of ENRC shares but requires more than 75% to delist.
ENRC therefore needs support from Kaz’s 26% holding.
UBS highlights a potential risk that the consortium makes an offer only for Kaz’s stake (after which it can delist ENRC), but believe this is unlikely.
Should a bid emerge UBS believes a realistic offer that might be accepted by…
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