Wednesday, August 17, 2005
Norilk Nickel Split
17/08/2005 Polyus Gold: Norilsk Nickel progresses with spin off plans - reports
Story: Norilsk Nickel, the listed Russian nickel and palladium producer, will spin off its gold assets into a subsidiary named Polyus Gold [Polyus Zoloto]. According to reports in Kommersant and Vedomosti, which referred to a Norilsk statement, it said that Polyus Gold would incorporate the assets of Norilsk’s gold producing subsidiary, Polyus. Norilsk Nickel would also put RUR 10bn (USD 351.3m) in cash in the new subsidiary.
According to a Moscow Times report, Polyus Gold would also include Norilsk Nickel's 20% stake in Gold Fields, the South African gold miner. The shares of Polyus Gold would be divided between Norilsk Nickel shareholders, proportionally to their shareholding in Norilsk. The creation of Polyus Gold would be decided at Norilsk's extraordinary general meeting, scheduled for 30 September, the papers said. Shareholders who do not approve the spin off would have to sell their shares, Kommersnat noted.
Polyus Gold was valued by analysts at over USD 3bn, MT reported.
Polyus said at the beginning of July that by between 2010 and 2012, it would aim to have a market capitalisation of USD 6.5bn to USD 7bn, Vedomosti continued. During that time, Polyus wanted to invest USD 2.3bn on production. The above sum would include Polyus own financials, loans and proceedings from the planned initial public offer.
Source: Vedomosti, Kommersant, Moscow Times
Value: $3,000m (Value of Polyus Gold)
Story: Norilsk Nickel, the listed Russian nickel and palladium producer, will spin off its gold assets into a subsidiary named Polyus Gold [Polyus Zoloto]. According to reports in Kommersant and Vedomosti, which referred to a Norilsk statement, it said that Polyus Gold would incorporate the assets of Norilsk’s gold producing subsidiary, Polyus. Norilsk Nickel would also put RUR 10bn (USD 351.3m) in cash in the new subsidiary.
According to a Moscow Times report, Polyus Gold would also include Norilsk Nickel's 20% stake in Gold Fields, the South African gold miner. The shares of Polyus Gold would be divided between Norilsk Nickel shareholders, proportionally to their shareholding in Norilsk. The creation of Polyus Gold would be decided at Norilsk's extraordinary general meeting, scheduled for 30 September, the papers said. Shareholders who do not approve the spin off would have to sell their shares, Kommersnat noted.
Polyus Gold was valued by analysts at over USD 3bn, MT reported.
Polyus said at the beginning of July that by between 2010 and 2012, it would aim to have a market capitalisation of USD 6.5bn to USD 7bn, Vedomosti continued. During that time, Polyus wanted to invest USD 2.3bn on production. The above sum would include Polyus own financials, loans and proceedings from the planned initial public offer.
Source: Vedomosti, Kommersant, Moscow Times
Value: $3,000m (Value of Polyus Gold)
