In September 2004, state-owned Gécamines signed an agreement with Global Enterprises Corporate (GEC), a company formed by the merger of Dan Gertler International (DGI) with Beny Steinmetz Global, to rehabilitate and operate the Kananga and Tilwezembe copper mines. The deal was ratified by presidential decree. In 2007, a World Bank report reviewed DR Congo's three biggest mining contracts, finding that the 2005 deals, including one with Global Enterprises Company, were approved with "a complete lack of transparency" (Mahtani, 3 January 2007). Gertler and Steinmetz put GEC's 75% share in Komoto Oliveira Virgule (KOV), the project made of up of Tilwezembe and Kananga, along with the Kolwesi concentrator, into Nikanor plc. Registered in the Isle of Man, it reached a market capitalization of $1.5 billion by 2007. In February 2007, 22% of the Nikanor Mining company was owned by the Gertner Family Trust and 14% by Dan Gertler. In January 2008 Katanga Mining acquired Nikanor for $452 million.