Billionaire duo shortlisted for $4bn Polyus Gold shareholding

City A.M. Reporter
TWO Russian billionaires have been shortlisted to buy a stake in Polyus Gold, sources said, in a deal which could pave the way for a merger with rival Polymetal to create a national gold mining champion.

Sources close to the matter said retail boss Zelimkhan Mutsoyev and fruit juice magnate Gavriil Yushvayev wanted to buy tycoon-turned-politician Mikhail Prokhorov's $4bn (£2.5bn) stake in London-listed Polyus Gold.

The proposed deal has gone before the UK Takeover Panel, which is evaluating whether the proposed buyers of the 38 per cent stake are acting independently or form a “concert party” that would control more than 30 per cent of Polyus, a level that would force a mandatory offer to buy out minorities.

Also under scrutiny is the buyers' relationship to tycoon Suleiman Kerimov, who owns 40 per cent of Polyus.