MOSCOW, Nov 19 (Reuters) - Polyus Gold, Russia's largest gold miner, said on Thursday its main shareholders, tycoons Mikhail Prokhorov and Suleiman Kerimov, were prepared to sell up to a total of 5 percent of the company.
Polyus said in a statement that companies related to Prokhorov's investment vehicle, Onexim Group, and Kerimov's Nafta Moskva intended to sell the stake in the form of shares and/or American Depositary Receipts.
The sale is subject to market conditions and is expected to be executed through an accelerated book-building process, Polyus said. Credit Suisse Securities (Europe) Ltd and Renaissance Securities (Cyprus) Ltd are the joint bookrunners.
Prokhorov's Onexim holds a little under 30 percent in Polyus Gold and associated shareholders another 10 percent. Kerimov's Nafta Moskva has 37 percent. Polyus Gold's current market capitalisation is $11.24 billion.
(Editing by Jon Loades-Carter) Keywords: POLYUS/ (Moscow Newsroom, +7495 775 1242, moscow.newsroom@reuters.com)
1 comment:
It looks like they decided not to sell the 5% Polyus stake after all. The bids came in for $400M but they were targeting $530M.
20.11.2009 09:27
UPDATE 1-Polyus Gold shareholders cancel stake sale -source
MOSCOW, Nov 20 (Reuters) - The two main owners of Polyus Gold have decided not to sell a 5 percent stake in Russia's largest gold miner after failing to collect enough bids from investors, a market source told Reuters on Friday.
'The deal did not take place because of a weak market and very aggressive pricing. There was demand for around $400 million but they were aiming for roughly $530 million,' the source said, on condition of anonymity.
'The shareholders did not want to sell less than 5 percent.'
Polyus declined to comment.
Polyus said on Thursday its main shareholders, Mikhail Prokhorov and Suleiman Kerimov, were prepared to sell up to a total of 5 percent of the company in the form of shares and/or American depositary receipts.
Banking sources told Reuters on Monday Prokhorov and Kerimov could sell up to 10 percent of Polyus's shares between them after the company's shares more than doubled in value since the start of the year.
Polyus shares were up 1.7 percent to 1,654 roubles.
(Reporting by Olga Popova; Writing by Toni Vorobyova and Aleksandras Budrys; Editing by Dan Lalor)
($1 = 28.71 roubles) Keywords: POLYUS/
(antonina.vorobyova@reuters.com; Tel: +7495 7751242, Reuters Messaging: antonina.vorobyova.reuters.com@reuters.net)
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