Newspaper article The Evening Standard (London, England)

Talk of [Pounds Sterling]11bn Bid from Rival Boosts Kazakhmys

Newspaper article The Evening Standard (London, England)

Talk of [Pounds Sterling]11bn Bid from Rival Boosts Kazakhmys

Article excerpt


COPPER-WATCHERS were on bid alert tonight as the rumour mill had it thatan offer could be coming in for Kazakhstan miner Kazakhmys.

The FTSE 100-quoted giants shares surged more than 8% on talk of a bid on itsway from Eurasian Natural Resources Corp (ENRC)another Kazakh miner with shares listed in London. ENRC, long a potentialbidder for its rival, is known to be thinking of stumping up well over [pounds sterling]11billion to get access to the vast reserves of its peer. The talk today was of atilt priced at 2500p. So it was no surprise to see the Kazakhmys price jump133p to 1871p. ENRCs London stock jumped 66p to 1282p.

Also much in demand as trading drew to a close was software giant Sage afterbrokers rushed to buff up their forecasts for profits this year. Sage sharesraced to the top of the Footsie 100 leader-board after it beat profit forecastsfor its first-half figures. Sage shares have been having a pretty strong runsince bottoming below 190p in March on concerns about its US operations. Todaysrally, up 16p to 227p, was a reward for a 9% jump in half-year profits and arelatively upbeat outlook statement.

It was a bit like the morning after the night before for Enterprise Inns. Theshares ran into profit-taking, dropping 21p to 489p following yesterdaysannouncement that the pubs chain is eligible to convert into a real estateinvestment trust (Reit), which offers favourable tax treatment.

But Morgan Stanley has dropped its rating on the shares from overweight toequalweight, claiming the overweight call was based entirely on a successfulReit conversion. The broker is urging clients to take profits now this has beenpriced into the shares. It is confident of further scope for improvement in theshare price, but is nervous about underlying pub trading. Its profit forecast,which remains unchanged, is 10% below consensus. …

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