Kazakhmys sells German unit to European family office

FTSE 250-listed international natural resource group Kazakhmys has sold Mansfelder Kupfer und Messing (MKM) for 42m euros to a European family office.

FTSE 250-listed international natural resource group Kazakhmys has sold Mansfelder Kupfer und Messing (MKM) for 42m euros to a European family office.

MKM is a German-based manufacturer of semi-finished copper products and Kazakhmys reported that it would receive €42m in consideration, including €12.0m on a deferred basis. It said that MKM was sold with debt of €137m. Kazakhmys also received a dividend of €10m from MKM in 2013.

Oleg Novachuk, Chief Executive Officer of Kazakhmys, said: "MKM is an excellent business, but did not fit with our geographic and strategic focus as a natural resources company in Central Asia."

He added: "We are pleased to have found a buyer who is committed to the business, which should be in the best interests of customers and employees and we wish all at MKM continued success in the future."

Kazakhamys' share price was down 2.12% to 319.20p at 12.01pm on Tuesday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Lab-grown meat: the new agricultural revolution
Soft commodities

Lab-grown meat: the new agricultural revolution

Vegan alternatives are taking off, but the future of food technology lies in lab-grown meat – cultivating steaks and burgers from animal cells, says A…
16 Apr 2021