Glencore denied chance to gain full ownership of Kazzinc
Samruk-Kazyna, a wealth fund owned by Kazakhstan, revealed Thursday that it paid 1.65bn dollars for its newly acquired 29.8 per cent stake in Kazzinc, a zinc producer controlled by commodities giant Glencore.
Samruk-Kazyna, a wealth fund owned by Kazakhstan, revealed Thursday that it paid 1.65bn dollars for its newly acquired 29.8 per cent stake in Kazzinc, a zinc producer controlled by commodities giant Glencore.
The transaction means that Glencore has been unable to proceed with its intention to gain full ownership of Kazzinc, and retains a 69.61% stake.
The deal, which was first announced on February 7th, takes Samruk-Kazyna's holdings in domestic companies to more than $80bn, Reuters reported.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Samruk-Kazyna reportedly borrowed funds to make the purchase.
Glencore's share price edged 0.01% higher by 13:37.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.