Sign up USA
Proactive Investors - Run By Investors For Investors

Polyus Gold stake changes hands for US$3.6bn

Polyus Gold stake changes hands for US$3.6bn

 

Polyus Gold (LON:PGIL), Russia’s largest gold miner, has seen a change of control after Onexim, the vehicle of Russian billionaire Mikhail Prokhorov, sold its entire 37.8% stake.

Two other Russian billionaires, Zelimkhan Mutsoyev and Gavril Yushvaev, paid Onexim US$3.61bn for its shares after the UK Takeover Panel gave its approval.

The Panel had considered whether the two buyers were acting in concert and if purchasing Onexim’s stake should trigger a mandatory offer for the company.

Lizarazu, Mutsoyev’s vehicle, paid US$1.77bn for an 18.5% stake, while Yushvaev’s Receza bought 19.28% for US$1.85mln.

Onexim put its stake up for sale in September.

Suleiman Kerimov owns 40.2% of Polyus and the sale by Onexim is being tipped by analysts as a catalyst for a merger of the company with London-listed Polymetal (LON:POLY), a company that also has strong links to Kerimov.

Polymetal is another major Russian gold and silver producer and also has assets in Kazakhstan.

Shares in Polyus rose by 1.8% to 223p, while Polymetal gained 2.8% to 972p.

 

View full POLY profile View Profile

Polymetal International Timeline

Newswire
August 30 2013

Related Articles

Out in the field in WA
October 30 2018
The company expects to make imminent works approval and licence applications to the WA Government.
1537373733_copper-periodic-table-3.jpg
September 19 2018
The board of Carube boasts several decades of copper exploration and development experience between them
project area
September 04 2018
Significant scope for quick expansion both along strike and at depth with ongoing drilling throughout the remainder of 2018.
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use