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.


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.

 

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