Kazakhmys able to block ENRC delisting with 26% stake - not our usual focus but interesting scenario
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 Kazs 26% holding.
UBS highlights a potential risk that the consortium makes an offer only for Kazs 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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