Global law firm White & Case LLP has represented JSC “Verny Capital” in the sale of a 18.91 percent stake in Kazzinc, the Kazakhstan zinc producer, to commodities trader Glencore International for 176.74 million new ordinary shares in Glencore and US$400m cash. The deal closed today.
The deal, which was subject to a number of conditions, including approval from the Kazakhstan authorities, was agreed in September this year and takes Glencore’s stake in Kazzinc to 70 percent.
“In a challenging M&A market, with few transactions taking place in the mining sphere, it’s encouraging to see that deals of this magnitude can still close when conditions are right,” said Greg Stonefield, lead-partner from White & Case.
Advising Verny Capital on the deal was London-based partner Greg Stonefield supported by local partner Anthony Vasey (Hong Kong) and Almaty-based partner Maxim Telemtayev and counsel Kairat E. Baizakov.
