Polyus Eyes Control of Kazakhgold

Polyus Gold said Friday that it had approached Kazakh gold miner Kazakhgold in connection with a possible offer for a controlling stake in the London-listed miner.

Polyus said there could be no certainty of a final offer, which would also require approval from British regulators.

Interfax also quoted a source close to Polyus' shareholders as saying the board of Polyus would discuss buying a 50.1 percent stake in Kazakhgold at a meeting Tuesday and that the acquisition might be for cash and Polyus shares.

Kazakhgold said in a statement that it had received an offer to sell 50.1 percent of its share capital for a mix of cash and shares, although it did not say who had made the offer.

"There can be no certainty that any partial offer for the issued share capital of the company will be forthcoming or as to the terms on which such an offer might be made," a Kazakhgold statement said.

Polyus stakeholder Onexim Group declined to comment on the specific acquisition while confirming the board meeting agenda.

"The issue of international expansion is on the agenda of the board meeting," said a spokesman for group, an investment vehicle of the second-largest shareholder, Mikhail Prokhorov. He declined to elaborate.

Polyus' shares on the MICEX exchange rose 18 percent Friday.

n Billionaire Suleiman Kerimov is seeking to buy a 35 percent stake in Polyus from fellow billionaire Vladimir Potanin, Vedomosti reported Friday.

Kerimov's Nafta-Moskva investment company offered to buy the stake for about $1.6 billion, Vedomosti reported.

On Wednesday, Kommersant reported that Onexim, which already holds about 30 percent in Polyus, had offered to buy Potanin's 35 percent stake.

Reuters, Bloomberg