Polyus Jumps as Prokhorov Said to Agree Stake Sale: Moscow Mover
Polyus Gold International Ltd. (PGIL) headed for the biggest surge on record as billionaire Mikhail Prokhorov’s Onexim Holdings Ltd. agreed to sell his entire stake in the company to a group of investors, according to three people with knowledge of the plan.
The gold producer jumped as much as 8.5 percent before trading up 6.2 percent at 211.50 pence by 12:56 p.m. in London, poised for the strongest rally since the stock’s listing in June. The amount of shares traded was 4.7 million, equivalent to about 3.5 times the three-month average, according to data compiled by Bloomberg.
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 of the London-traded gold producer.
Prokhorov, the world’s 68th richest person in the Bloomberg Billionaires Index with a fortune of $13.6 billion, is selling industrial assets, while holding onto investments in financial ventures. OAO Gazprom’s unit is buying his Quadra power utility, Vedomosti said this month.
The shares of Polyus’s Moscow-traded unit surged as much as 9.6 percent, trading up 7.5 percent at 1,177.30 rubles.
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