Eurasian Natural Resources Corp has postponed a vote on a USD 600 million related-party transaction to acquire the outstanding shares of a Kazakh coalminer, after pressure from independent shareholders in light of volatile market conditions.

The independent shareholders of the London listed Kazakh mining company had been due to vote on Monday on the deal to buy shares in Shubarkol, a producer of coal and coke. They will now instead consider a resolution to adjourn the meeting.

Mr Felix Vulis CEO of ENRC in a statement said that “There remains a strong strategic rationale for acquiring the outstanding shares in Shubarkol. However, at the request of shareholders and given the current volatile market conditions, we deem it appropriate to reconsider the timing of this acquisition.”

ENRC announced last month its intention to exercise a call option over 75 per cent of shares in Shubarkol, which are owned by Alexander Mashkevich, Alijan Ibragimov and Patkoh Chodiev. The three entrepreneurs founded ENRC and have a combined stake of 44% in the FTSE 100 company.

(Sourced from www.ft.com)