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Kaz Minerals buyout succeeds with higher offer

Nova Resources reported 82 per cent shareholder acceptance, two weeks after an improved offer
Kaz Minerals buyout succeeds with higher offer
  • London to lose a major copper miner after chairman and major shareholder succeed in £2.5bn buyout move
  • 850p offer sees acceptances climb over 75 per cent threshold

Kaz Minerals (KAZ) will go private after the third buyout offer was enough to gain over 75 per cent shareholder support. 

The copper miner’s chair and largest single shareholder launched the bid under the Nova Resources banner in October, before a far stronger copper price made their initial 640p cash offer look set for failure. 

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