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.

Samruk-Kazyna reportedly borrowed funds to make the purchase.

Glencore's share price edged 0.01% higher by 13:37.

NR

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
25 Nov 2022
Share tips of the week – 25 November
Share tips

Share tips of the week – 25 November

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
25 Nov 2022
Investing in a recession: 5 moves investors should make now
Investment strategy

Investing in a recession: 5 moves investors should make now

As we enter a recession, here’s what investors should do with their portfolios.
23 Nov 2022
It’s time to focus on Fuller’s
Share tips

It’s time to focus on Fuller’s

The pub sector has had a torrid two years, but this group is resilient and poised to prosper. We take a closer look at Fuller’s.
21 Nov 2022

Most Popular

Wood-burning stove vs central heating ‒ which is cheapest?
Personal finance

Wood-burning stove vs central heating ‒ which is cheapest?

Demand for wood-burning stoves has surged as households try to reduce their heating costs this winter. But how does a wood burner compare with central…
21 Nov 2022
Fan heater vs oil heater – which is cheaper?
Personal finance

Fan heater vs oil heater – which is cheaper?

Sales of portable heaters have soared, as households look to cut their energy costs. But which is better: a fan heater or an oil heater? We put them t…
21 Nov 2022
Santander launches new bank account – is it any good?
Bank accounts

Santander launches new bank account – is it any good?

Santander’s new accounts gives you up to £20 cashback a month and 4% interest rate on savings.
25 Nov 2022