Bloomberg News

Polyus Jumps as Prokhorov to Sell His Stake: Moscow Mover

January 24, 2013

Polyus Gold International Ltd. (PLZLY:US) is poised for a record one-day surge as billionaire Mikhail Prokhorov’s Onexim Holdings Ltd. agreed to sell his stake in the company to a group of investors, according to three people with knowledge of the plan.

The gold producer jumped 10.4 percent to 220 pence, or $3.47, by 3:53 p.m. in London, set for the steepest one-day advance since Polyus’ U.K. listing in June. Trading volumes were more than six times the daily average over the past three months, data compiled by Bloomberg show. Global depositary receipts (PLZLY:US) of the company rallied 8.3 percent to $3.41, set for the highest close since Dec. 18.

Onexim and the investors have requested approval from the U.K. takeover panel for the deal’s structure, said the people, who asked not to be identified as the information is confidential. They didn’t name the buyers for Prokhorov’s 37.8 percent stake in the gold producer.

Prokhorov -- the world’s 68th richest person with a fortune of $13.6 billion, according to the Bloomberg Billionaires Index -- is selling industrial assets, while holding on to investments in financial ventures. OAO Gazprom’s unit is buying his Quadra power utility, the Vedomosti newspaper said this month.

Shares of Polyus’s Moscow-traded unit surged 3.6 percent to 1,134.40 rubles by the close, or $37.74.

To contact the reporters on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net; Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net


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Companies Mentioned

  • PLZLY
    (Polyus Gold International Ltd)
    • $2.8 USD
    • -0.05
    • -1.79%
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