Michael Rawlinson, an analyst at Liberum Capital, said: "If Kaz can bulk up sensibly through issuing equity to a party like Metalloinvest, it would then be in a much better position to be able to propose a takeover of ENRC, its bigger peer." ENRC said on March 12 that it was considering a takeover of Kazakhmys but two months later said it would not make a formal bid. Kazakhmys has a 22% stake in ENRC.