Polyus to Delist From London Next Month as Kerimov Get 98% Stake

  • Monority shareholders offered Kermov family to buy almost 59%
  • Gold miner will delist from London stock exchange on Dec. 3

Polyus Gold International Ltd.’s minority investors agreed to sell almost 59 percent of the company to the family of billionaire Suleiman Kerimov, who plans to take Russia’s largest bullion producer private.

The Kerimov family, which already owns about 40 percent of the company, will be able to increase its stake to over 98 percent, according to a regulatory filing by Sacturino Ltd., which is controlled by Suleiman’s son Said. Polyus intends to delist its shares from London on Dec. 3.

Polyus has been considering returning to Russia after shifting its primary listing to London in 2012. The Kremlin urged companies to delist from overseas stock markets in April 2014 as Russia’s relations with the U.S. and Europe soured after its annexation of Crimea from Ukraine. The stockis up 6.2 percent this year in London.

Santurino and its parent Wandle Holdings Ltd. are buying shares they don’t yet own at $2.97 each, valuing the miner at $9 billion, according to the terms of the offer announced in September. Remaining shareholders may tender shares until 1 p.m. London on Nov. 17 and the offer won’t be extended, Santurino said on Wednesday.

Co-owners Gavriil Yushvaev and Oleg Mkrtchan agreed to sell their stakes, which total about 40 percent, the Kerimov family said in September. That suggests that the Kerimovs have agreed to buy about 18 percent from other minority owners.

Polyus’s independent committee had said that the offer “materially” undervalued the company, though it didn’t expect improved terms and saw no prospect of an alternative bid from other parties.

Suleiman Kerimov, 49, is Russia’s 19th-richest man with an estimated fortune of $5 billion and a member of the Federation Council, the nation’s upper chamber of the parliament. That obliges him to distance himself from his business empire and hold the assets in a foundation.

Said Kerimov, his son, last year made his first mark in business, when he bought Cinema Park, a chain of movie theaters, from billionaire Vladimir Potanin in a deal valued at $400 million, according to Vedomosti newspaper.