Mikhail Prokhorov's Onexim Group is currently in negotiations for the sale of its stake in Polyus Gold Int. (PGIL LN), according to Bloomberg referring to three sources well informed about the familiar with a situation.
The market value of Onexim's 37.78% stake in Polyus Gold as of January 23 was $3.6 billion (estimated by Bloomberg).
According to the sources, M. Prokhorov's interest will be sold to two investors who will own less than 20% each. Structuring the transaction in this way means skirting the mandatory offer to minority shareholders, RMS points out in a research note addressing the issue.
Polyus Gold's shares in the Russian stock market jumped 7%. Since the start of 2013, they have soared by 25% already, according to a review by Nord Capital.
Polyus Gold International Limited (the Isle of Jersey), along with OJSC Polyus Gold's assets, includes assets of KazakhGold in Kazakhstan and Kirghizia. The company is one of the largest global gold producers.
Net profit (IFRS) of Polyus Gold (including OJSC Polyus Gold) for H1 2012 increased 2.06-fold to $425.896 million from $206.8 million for H1 2011. Revenue grew by 35.72% to $1.224 billion from $901.752 million, operating profit by 91.05% to $534.239 million from $279.631 million, EBITDA by 59.11% to $634.275 million from $398.644 million.