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Mikhail Prokhorov sells $3.6bn Polyus Gold stake

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CITY A.M. REPORTER

Russian billionaire Mikhail Prokhorov has sold his 37.78 per cent stake in Polyus Gold to two Russian buyers, in a deal worth $3.6bn (?2.3bn).

Prokhorov’s vehicle Onexim group said this morning that it had sold 18.5 per cent had been sold to Zelimkhan Mutsoyev for $1.77bn, and 19.28 per cent to Gavrill Yushvayev for $1.85bn.

The deal had been under review by the UK Takeover Panel over whether retail tycoon Mutsoyev and fruit juice magnate Yushvayev were acting in concert.

If the pair had been found to form a concert party together, or in relation to existing shareholder Suleiman Kerimov, who owns 40 per cent of Polyus, the deal would have triggered a mandatory buyout to minority shareholders.

CATEGORY: Solicitors


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