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. Last Updated: 07/27/2016

U.K. Regulator Investigating Polyus

Polyus Gold said Tuesday that Britain's financial-markets regulator was investigating whether it broke regulations when its depositary receipts jumped last week.

The Financial Services Authority is examining increases in the receipts around the time of May 16 reports saying Moscow-based fund Kazimir Partners was making an unsolicited offer to acquire a stake, Polyus said. Polyus first commented on the bid May 20.

Polyus fell 6.3 percent to 1480.75 rubles on the MICEX on Tuesday.

The fund bid $350 million for 2.5 percent of Polyus held by Jennington International, a unit of the gold producer, Vedomosti reported May 19. Polyus said the next day that it had received a "third-party" offer for 2.5 percent.

Polyus said Tuesday that management had evaluated the offer. The company has enough cash to fund new projects, the management said, without explicitly rejecting or accepting the tender.