Eurasian Natural Resources Corporation (ENRC) has made an approach for copper producer Kazakhmys, with the former understood to have turned to Jones Day European head of capital markets Giles Elliott while the latter has instructed Linklaters corporate partner Charlie Jacobs.
While Kazakhmys has denied receiving an approach from ENRC a trading statement from ENRC on Wednesday (12 March) said: “One of the opportunities that is at the early stages of being evaluated is a potential combination of [our] business with that of Kazakhmys. Whilst there has been informal dialogue with Kazakhmys, no formal proposal has been made by ENRC and there can be no certainty that a formal proposal will be made and, if made, that it will result in an offer for Kazakhmys.”
Kazakhmys has been a Linklaters client since turning to the firm for advice on its 2005 flotation. Kazakhmys also instructed Linklaters when it bought an 18 per cent stake in ENRC in September 2007 (www.thelawyer.com, 7 September 2007).
Jones Day’s Eliot represented ENRC during its £136bn London Stock Exchange IPO last year (www.thelawyer.com, 17 December, 2007).
Any deal would need the approval of the Kazakh government, which owns 20 per cent of ENRC.
Linklaters and Jones Day declined to comment.