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Metalloinvest and Kazakhmys reported to be in merger talks

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Published 14 July, 2008, 13:16

Kazakhmys is in merger discussions with Metalloinvest, the Russian metals conglomerate controlled by billionaire Alisher Usmanov. That's according to the Financial Times.

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The FTSE 100 Kazakh mining company shares rose 8.6% following the announcement. The deal is being structured as a reverse takeover and should see Mr Usmanov emerge with a controlling stake.

The merged company would be re-listed on the London Stock Exchange and is expected to have a market value of around $50bn. Currently Metalloinvest has three main businesses: iron ore, steel and scrap metal and is valued at up to $30bn.

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