FAS clears Kerimov to consolidate Polyus Gold, commission's consent not needed
MOSCOW. Sept 29 (Interfax) - The Russian Federal Antimonopoly Service (FAS) has approved the possible consolidation of No. 1 Russian gold miner Polyus Gold International Limited by Sacturino Limited, which is controlled by Said Kerimov.
Sacturino said on Tuesday that the FAS had notified it of this.
The FAS said the deal would not need the consent of the government's foreign investment commission.
At the beginning of September, Wandle Holdings Ltd and its subsidiary Sacturino Ltd., which between them own 40.22% of Polyus Gold, said they were preparing to offer to buy all other shares they did not own in the in the gold miner. The beneficiaries of these firms are the Suleyman Kerimov Foundation, set up by Suleyman Kerimov; and Kerimov's son, Said, who has the mandatory right to appoint management, directors and conduct the business of Wandle Holdings Ltd.
It is thought that Wandle Holdings will notify Polyus Gold by September 30 whether it will proceed with the offer, however the deadline could be altered.
The offer price is $2.97 per share, which values the company at $9 billion, and the 59.78% stake not owned by the Kerimovs at $5.48 billion. The premium on the average share price on the LSE just before the offer was announced is 3%, and that on the average price for three months is 7%.
Other Polyus Gold shareholders former Wimm-Bill-Dann co-founder Gavriil Yushvayev, whose Wamika Trading Limited and Receza Limited own nearly 20% between them; Oleg Mkrtchan, co-owner of Industrial Union of Donbass, with around 20%; Vasily Anisimov, founder of the Cioalco Group and a former co-owner of Metalloinvest (1.76%); and Konstantin Goloschapov, former co-owner of SMP-Bank (1.97%); Sergei Lepeshkin, co-owner of Akropol Bank; and the businessman Musa Palankoyev.