Kazakhmys is in merger discussions with Metalloinvest, the Russian metals conglomerate controlled by billionaire Alisher Usmanov. That's according to the Financial Times.
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.