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KAZ buyout group lifts bid for the miner by £700m

The group trying to take KAZ Minerals private said on Thursday that it has raised its bid for the copper miner by 22%, as it tries to win round minority shareholders who rejected the earlier proposal for being too low.

The consortium led by KAZ chairman Oleg Novachuk and Kazakh billionaire Vladimir Kim said the new offer of 780p per share, which values the company at £3.69-billion, has the unanimous backing of the company's independent committee.