Polymetal Gains 4th Day on Polyus Merger Speculation
OAO Polymetal, a Russian gold and silver producer, gained for a fourth day after billionaire Mikhail Prokhorov said he may merge OAO Polyus Gold with a global competitor as early as next year.
The shares gained as much as 20 percent, the biggest intraday advance since November 2008, before closing up 0.4 percent at 624.95 rubles by 6:45 p.m. in Moscow.
Prokhorov intends to “make a merger with one of the leading gold companies in the world,” he said in an interview with Bloomberg Television yesterday in Moscow. He declined to name potential targets.
“Prokhorov’s announcement has spurred investor interest in Polymetal,” Luis Saenz, a London-based director at Otkritie Financial Corp., said by phone.
Polyus surged 7 percent to 1,927.28 rubles, its highest level since May 2008.
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org