Kazakh Fund Drops $1.65B On Zinc Co. Stakes

Law360, New York (February 14, 2013, 3:46 PM EST) -- Kazakhstan's wealth fund Samruk-Kazyna JSC reportedly revealed Thursday that it had paid private equity group Verny Investments Holding LLP $1.65 billion for stakes in a local zinc producer, which were left on the table last year in a deal with Glencore International PLC.

The revelation was well under analyst predictions that had pegged the 29.8 percent stake value in Kazzinc Ltd. at about $2.2 billion last week, when the deal was first revealed, and the fund said it had borrowed to finance the deal, according to...
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