* ENRC approached to reconsider timing of deal, proposes postponing vote
* Says rationale for acquiring outstanding shares in Shubarkol remains
* Had announced $650 mln deal in October (Adds details, background)
LONDON, Nov 4 (Reuters) - Uncertain market conditions have forced Kazakh miner ENRC to postpone a key vote on a planned $650 million deal to buy the outstanding 75 percent of Kazakh coal producer Shubarkol Komir from its founders, it said on Friday.
ENRC’s independent shareholders — excluding the three founder shareholders who are selling the Shubarkol shares — had been due to vote on the deal on Monday. They will now consider instead a resolution to adjourn the meeting.
“There remains a strong strategic rationale for acquiring the outstanding shares in Shubarkol,” Chief Executive Felix Vulis said in a statement.
“However, at the request of shareholders and given the current volatile market conditions, we deem it appropriate to reconsider the timing of this acquisition.”
The London-listed miner had said last month that it planned to secure control of Shubarkol by buying the remaining shares from its founder shareholders for up to $650 million, giving it access to inexpensive coal for existing operations and expansion plans, and supporting ENRC’s low-cost profile.
It was also the first deal with the company’s founder shareholders since the company completed a corporate governance review after a bruising disagreement between the founders and some board members.
The company is currently in talks with the founders to extend the call option, which would normally expire at the end of January next year.
ENRC acquired the initial stake for $200 million in cash in 2009, along with a call option on the remainder. (Reporting by Clara Ferreira-Marques; editing by Lorraine Turner)