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. Last Updated: 07/27/2016

Alliance, Kerimov Eye Polyus Stake

Alliance Group, controlled by oil entrepreneur Musa Bazhayev, and billionaire Polymetal owner Suleiman Kerimov plan to bid for a stake worth $622 million in Polyus Gold.

KM Invest, the manager of the jointly held assets of Mikhail Prokhorov and Vladimir Potanin, is selling the 7.4 percent stake because they plan to pursue investments separately. Their wrangling has delayed Polyus' plans to spin off its least-developed mining assets. Polyus has dropped 9.5 percent this year.

Alliance's Alliance-Prom unit has sent a letter to KM Invest, Alliance said Monday. Nafta-Moskva, Kerimov's holding company, also sent a letter, Nafta head of investments Anton Averin said.

Bazhayev wants to be "a strategic investor" in gold mining and aviation, Alliance spokeswoman Olga Sergeyeva said. Alliance owns 94 percent of Siberian gold miner Artel Staratelei Amur, she said.