The end for Eurasia

Kazakhmys (KZMYF-O, KAZ-L) has taken up 96% of the outstanding shares of Eurasia Gold (EGX-T, EGXDF-O) and will move to a compulsory acquisition of the company.

Kazakhmys is paying 85 a share for Eurasia Gold, which values the company at $288 million. Eurasia chairman Kumar Mukashev, who controlled about 79% of the company’s shares, had previously locked up those shares to the takeover bid. The Eurasia board opposed the takeover, but Kazakhmys refused to increase the price.

Kazakhmys earned US$1.4 billion on revenue of US$5 billion in 2006.

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