OREANDA-NEWS. On 12 May 2008 Kazakhmys confirmed that it had received last night an indicative and non-binding proposal in the form of a letter from ENRC.

The non-binding indicative proposal

Under the terms of this proposal from ENRC, Kazakhmys shareholders would receive for each share held:
- 1,022 pence in cash, and
- a dividend in specie of 0.413 ENRC shares representing Kazakhmys’ current holding in ENRC.
The proposal values each Kazakhmys share at approximately 1,550 pence, which is well below the current share price.

Response from the Kazakhmys Board of Directors.

The Board of Kazakhmys has considered and unanimously rejected the proposal from ENRC.