Controversial Kazakh miner Eurasian Natural Resources Corporation has given up early gains and is now down more than 8%.
Its shares have dropped 24.9p to 270.4p following a Bloomberg report that the oligarch founders who have proposed taking the business private would offer less than 300p a share. Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov, together with the Kazakh government, own 54% of ENRC, while Kazakhmys holds a 26% stake.
The potential bidders have until 5pm on Friday to make a decision on whether or not to make an offer, but analysts believe they are likely to ask for an extension to the deadline.
