Prokhorov to sell stake in Polyus Gold to partner
11.09.12 14:44 By News Dept.
Russian tycoon Mikhail Prokhorov plans to sell his stake in Russia's largest gold mining company, "Polyus Gold", to his partner, Suleiman Kerimov, Forbes magazine reported on Tuesday.
Prokhorov plans to sell a package of 37.78% of the company - one of his two biggest assets. Kerimov already owns 40.22% of Polyus Gold, after buying a Prokhorov's package, he will become the main owner of the gold mining company.
Two financiers told Forbes about the deal. According to one of them, Kerimov already arranged a loan from the Kremlin-run VTB bank. The two tycoons are not officially commenting the deal yet. If it goes through, Prokhorov will receive several billion dollars in cash.
On the eve of the 2008 financial crisis Prokhorov sold 25% of shares of "Norilsk nickel" and received about $5 bln in cash and shares in UC Rusal. Afterwards, he placed the first in Forbes richest men list in 2009.
In June, "Polyus Gold" received a long-awaited premium listing on the London Stock Exchange, after which its stock prices rose by 8%.
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