Thursday, February 2, 2023



Kaz Minerals bidders up takeover bid to $5.5 billion

Bozshakol open pit mine in Kazakhstan. (Image courtesy of Kaz Minerals.) Nova Resources, the consortium bidding to take copper miner KAZ Minerals (LON: KAZ) private has increased its offer by 9% to £4.02B ($5.5 billion), after minority shareholders said they would reject earlier proposals for being too low. Nova, which is controlled by KAZ chair Oleg Novachuk and billionaire Vladimir Kim, said it would pay 850 pence per share plus a special dividend, which lifts the total bid to 869p/share for the 61% of the mining company it doesn’t already own. The fresh and...