Glencore: Is trader about to embark on a buying spree

13th June 2011

Answer maybe but not quite yet. The Sunday Times reports that Glencore is considering a spectacular £12bn bid for ENRC the huge listed Kazakh mining firm in which the Government of Kazahkstan has a huge stake – though it quotes an unnamed source at the firm.

The story has not been rebutted by commodities giant Glencore so make of that what you will.

The report sent the share price of ENRC soaring as reported here in MarketWatch.

However ENRC itself has had a controversial few weeks with its troubles over non-execs reported faithfully in the series of stories in the Telegraph.

Here one of the sacked non-executive directors Sir Richard Sykes suggests ENRC listed too early. With the Telegraph even suggesting there may be pressure put on the Financial Services Authority to investigate.

This comment from Bob the Horse shows some are very unimpressed with Sir Richard Sykes comments.

He writes thus – "Number of occasions Sir Richard Sykes claimed ENRC was not suitable to be a listed company while he was being paid £250,000 a year by ENRC:  Zero.

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