- Copper company Kaz Minerals said it had agreed terms on a £3 billion take-private offer from Nova Resources.

Under terms of the agreement, each Kaz Mineral's shareholder would receive 640 pence in cash, representing a premium of 12.1% to the closing price of 570.8p a share on 27 October 2020.

Kaz said members of its independent committee intended unanimously to recommend that shareholders vote in favour of the takeover at a meeting to be held in December 2020 or early January 2021.

The members of the Nova Resources consortium had concluded that KAZ Minerals' long term development of Baimskaya would be best undertaken away from public markets as a private company.

The acquisition was currently expected to become effective in the first half of 2021.

'Mr. Kim and I believe that KAZ Minerals has made notable progress as a public company since listing on the London Stock Exchange in 2005. However, driven by the current market uncertainty and the corporate circumstances of sequential development projects, we believe that KAZ Minerals' long term interests would be best served as a private company,' Oleg Novachuk, chairman of Nova Resources said.

At 8:04am: [LON:KAZ] Kaz Minerals PLC share price was +29.2p at 600p

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