ENRC extends its bid deadline until Jun 24.

By bne IntelliNews June 4, 2013

Eurasian Natural Resources Corp. informed that the deadline for the founders of the company and the Kazakh government to make a bid to buy-out ENRC had been extended until June 24.

The three co-founders Alexander Machkevitch, Alijan Ibragimov and Patokh Chodiev, and sovereign wealth fund SamrukKazyna initially had until 17 May 2013 to declare the intention to make an offer. Then, the deadline was postponed until Jun 3 and most recently until Jun 24.

According to the initial proposal, the biding consortium offered USD 1.6bn for 46% stake in ENRC. The offer was declined by the shareholders.

ENRC is the largest ferrochrome producer in the world. The company is facing charges from the British authorities over fraud allegations.

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