It will be done through reorganization with shareholders' approval
Russian metals giant Norilsk Nickel plans to spin off to existing investors a gold company valued by analysts at more than $3 billion rather than sell shares to the public.
Denis Morozov, Norilsk's deputy chief executive, said that it would not be an IPO.
"It will be done through reorganization with shareholders' approval and the new company will have the same investor base as Norilsk Nickel."
Norilsk said Monday that its board proposed the creation of a new gold company combining the Polyus unit with Norilsk's 20 percent stake in South African gold producer Gold Fields.