Glencore To Take Smaller, $1.4B Bite Of Kazakh Zinc Mine

Law360, New York (September 25, 2012, 3:03 PM EDT) -- Commodities giant Glencore International PLC on Tuesday scaled back its plan to take full control of a Kazakh zinc producer from its private equity co-owner, slashing its offer from $3.2 billion to $1.4 billion for a smaller piece of the target.

The tentative revised purchase agreement will see Glencore — which already owns 50.7 percent of Kazzinc Ltd. — purchase an additional 18.9 percent tranche from Verny Investments Holding LLP, Kazakhstan's biggest private equity firm, to boost the Anglo-Swiss trader's majority stake in Kazzinc to nearly...
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