Monday, December 18, 2006
Polyus considers overseas merger as part of quest for top-three status – reports
Polyus, the Russian goldminer that joins the London Stock Exchange today, is open to a merger with an overseas company, CEO Evgueni Ivanov said.
Speaking to the Financial Times, Ivanov said the group is currently considering whether it should take part in sector consolidation and expand the group until it is one of the three biggest in its market.
Previous reports have suggested South African Gold Fields and Canadian Kinross could take part in M&A action with Polyus, the article noted. It went on to say that Ivanov stated a merger partner would need to support the controlling position of Mikhail Prokhorov and Vladimir Potanin, the oligarchs who own Interros, the holding company that in turn owns 55% of Polyus, the report said.
A Vedomosti report referred to Polyus Gold’s IPO prospectus. It said that Potanin and Prokhorov each hold 25.5% in Polyus. The paper cited a Polyus representative who said that the proceeds from the listing will be spent on M&A deals. Last September, Polyus said that it wants to increase its market capitalization twofold by 2015 to USD 16.5bn, Vedomosti wrote.
According to the prospectus, Polyus directors and senior managers and have received remuneration packages of USD 8.8m for the past year, Vedomosti also wrote. Polyus noted in the prospectus that it is considering dividend payments, the paper added.
Source Financial Times, Vedomosti
Speaking to the Financial Times, Ivanov said the group is currently considering whether it should take part in sector consolidation and expand the group until it is one of the three biggest in its market.
Previous reports have suggested South African Gold Fields and Canadian Kinross could take part in M&A action with Polyus, the article noted. It went on to say that Ivanov stated a merger partner would need to support the controlling position of Mikhail Prokhorov and Vladimir Potanin, the oligarchs who own Interros, the holding company that in turn owns 55% of Polyus, the report said.
A Vedomosti report referred to Polyus Gold’s IPO prospectus. It said that Potanin and Prokhorov each hold 25.5% in Polyus. The paper cited a Polyus representative who said that the proceeds from the listing will be spent on M&A deals. Last September, Polyus said that it wants to increase its market capitalization twofold by 2015 to USD 16.5bn, Vedomosti wrote.
According to the prospectus, Polyus directors and senior managers and have received remuneration packages of USD 8.8m for the past year, Vedomosti also wrote. Polyus noted in the prospectus that it is considering dividend payments, the paper added.
Source Financial Times, Vedomosti
