Shareholders of Kazakh gold miner KazakhGold Group Ltd have approved a merger with parent company Polyus Gold, Russia's top gold producer, KazakhGold said on Tuesday. Shareholders also approved an increase in equity capital and changing the company's name to Polyus Gold International. They decided to extend the deadline for accepting share swap proposals to September 17 following consultations with the Kazakh government.
An earlier preliminary plan for a reverse takeover procedure was also rescinded. KazakhGold started the reverse takeover procedure with its controlling stake owner Polyus Gold in early July. Under the proposed deal, KazakhGold was valued at $9.4 billion.