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Polyus Gold Offers $390 Million for 50.1% of KazakhGold

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Published 29 September, 2008, 09:39

Russia’s largest gold producer, Polyus Gold, is offering $390 million in cash and shares for a 50.1% stake in London listed, Kazakhstan based, KazakhGold.

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KazakhGold has announced that it has received the offer on Monday, which will see investors get $7.95 plus 0.298 Polyus shares for each KazakhGold stock they own, making the offer worth $14.73 per share according to Thursdays closing price for Polyus Gold shares on the Micex.

Gold Lion Holdings Ltd., holder of a 41.7 % stake in Kazakhgold, has agreed to accept the Polyus Gold offer, which is pending regulatory approval.

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