OAO Polyus Gold surged the most in more than three years as investors bet its London-listed parent will make a buyout offer.
Polyus jumped 37 percent in Moscow to 1,407.90 rubles as of 5:17 p.m., the strongest advance since October 2008. The Russian company continues to trade in Moscow after 95 percent of its shareholders swapped stock for shares in Polyus Gold International Ltd. last year.
“The only possible driver for the stock is investor expectations of a buyout offer to OAO Polyus Gold minorities for cash or stock,” Dmitry Smolin, an analyst at UralSib Capital, said today. The company is “basically Moscow leftovers of London-listed Polyus International.”
Anton Arens, a spokesman for Polyus Gold International, declined to comment. Polyus depositary receipts traded 3.6 percent higher in London at $3.469.