Metalloinvest and Kazakhmys reported to be in merger talks
The FTSE 100 Kazakh mining company shares rose 8.6% following the announcement. The deal is being structured as a reverse takeover and should see Mr Usmanov emerge with a controlling stake.
The merged company would be re-listed on the London Stock Exchange and is expected to have a market value of around $50bn. Currently Metalloinvest has three main businesses: iron ore, steel and scrap metal and is valued at up to $30bn.