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New records

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).

Prokhorovs 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.

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Atkinson Duckett

Competition body slams audit firms

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MARION DAKERS

THE COMPETITION Commission will this morning find that the Big Four accountancy firms have too much control over the industry, and call for measures to encourage Britains largest companies to change auditor regularly to boost competition.

In its long-awaited provisional report, the commission is expected to find no evidence of collusion, but will raise concerns that PwC, KPMG, Deloitte and Ernst & Young have an unfair grip on the books of big UK companies.

Many blue-chip firms have Big Four-only rules in place, and the commission is set to propose a ban on such measures, according to Sky News.

But it is expected to be less forthright about imposing mandatory rotation, in a move likely to upset mid-sized accountancy firms attempting to crack the FTSE audit market.

The Competition Commission will also urge investors to become more vocal about a firms choice of auditor.

All but a handful of the FTSE 100 use one of the Big Four to audit their accounts, and a firm will keep their auditor for an average of 48 years, according to a House of Lords report in 2011.

At least four blue-chip companies are believed to have put their audit contract out to tender in 2012, but only two asset manager Schroders and oil explorer BG Group decided to switch. Both continue to use the Big Four.

The Competition Commission declined to comment last night.

     
     
  Atkinson Duckett  
 

ADDRESS: 2 Bleeding Heart Yard

CITY: London

COUNTY: London

POST CODE: EC1N 8SJ

TELEPHONE NUMBER: 020-7405-1593

CATEGORY: Marketing Consultants

 

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Competition body slams audit firms

0000-00-00

MARION DAKERS

THE COMPETITION Commission will this morning find that the Big Four accountancy firms have too much control over the industry, and call for measures to encourage Britains largest companies to change auditor regularly to boost competition.

In its long-awaited provisional report, the commission is expected to find no evidence of collusion, but will raise concerns that PwC, KPMG, Deloitte and Ernst & Young have an unfair grip on the books of big UK companies.

Many blue-chip firms have Big Four-only rules in place, and the commission is set to propose a ban on such measures, according to Sky News.

But it is expected to be less forthright about imposing mandatory rotation, in a move likely to upset mid-sized accountancy firms attempting to crack the FTSE audit market.

The Competition Commission will also urge investors to become more vocal about a firms choice of auditor.

All but a handful of the FTSE 100 use one of the Big Four to audit their accounts, and a firm will keep their auditor for an average of 48 years, according to a House of Lords report in 2011.

At least four blue-chip companies are believed to have put their audit contract out to tender in 2012, but only two asset manager Schroders and oil explorer BG Group decided to switch. Both continue to use the Big Four.

The Competition Commission declined to comment last night.

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