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Polymetal Expects Ruling on Minority Buyout in About 15 Days

Nov. 8 (Bloomberg) -- Polymetal International Plc said it expects Russia’s financial markets regulator to rule in about 15 days on a buyout offer to minority shareholders in its St. Petersburg-based unit.

The application was submitted yesterday by the gold and silver mining company’s Polymetal Holding Ltd. unit, a regulatory filing today shows.

Polymetal International is required to make an offer to remaining shareholders of OAO Polymetal within a month of acquiring about 83 percent of the unit through share swaps in October. Polymetal International raised 490.8 million pounds ($790 million) in an initial public offering of an 13.8 percent stake in London, partly to fund the buyout of Russian investors.

VTB Capital said in the IPO prospectus it planned to invest as much as $100 million in the shares. Oleg Shuliakovskii, former chief executive officer of shipbuilder OAO Baltiysky Zavod, holds 4.23 percent of Polymetal International, the company said Nov. 4.

Other major shareholders include Petr Kellner’s PPF Group NV with 20.7 percent, Alexander Nesis with 17.7 percent and Alexander Mosionzhik with 4.4 percent, the company said last week.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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