LONDON--Two Kremlin-controlled banks are planning to back a bid
for U.K.-listed Eurasian Natural Resources Corp. PLC (ENRC.LN), the
Sunday Times said.
VTB Bank (VTBR.RS) and OAO Sberbank (SBER.RS), majority owned by
the Russian state, have been hired by three central Asia tycoons
who founded ENRC, the U.K. newspaper said. They've set up a vehicle
to acquire the outstanding shares and have 12 days to table a bid
to meet a Takeover Panel deadline, the Sunday Times said.
ENRC did not immediately respond to calls for comment when
contacted by Dow Jones.
The FTSE-100 miner is the subject of a criminal investigation by
the Serious Fraud Office announced April 25 primarily related to
whistleblowing allegations of wrongdoing at its Kazakhstan and
African operations made since the listing. ENRC said in a statement
that is "committed to a full and transparent investigation of its
procedures and conduct."
Shares of the company lost significant value since the 2010
acquisition of a disputed copper mine in Congo, the Sunday Times
said.
-Write to London bureau at generaldesklondon@dowjones.com
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