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KazakhGold took control of Russian Polyus Gold

The Russian government commission on foreign investment approved on Tuesday a deal for the reverse takeover by Kazakh gold miner KazakhGold of its parent company Polyus Gold to boost stock liquidity.

KazakhGold took control of Russian Polyus Gold

The Russian government commission on foreign investment approved on Tuesday a deal for the reverse takeover by Kazakh gold miner KazakhGold of its parent company Polyus Gold to boost stock liquidity. The deal will formally turn KazakhGold into a parent company of Polyus, Russia's largest gold producer, which controls 50.1% of the Kazakh gold miner, head of the Russian anti-monopoly service Igor Artemyev said.


The deal will enable Polyus to enter international capital markets at a low cost through KazakhGold, which is already listed on the London Stock Exchange, experts say. Polyus, which is controlled by two Russian tycoons Mikhail Prokhorov (29.9%) and Suleiman Kerimov (36.9%) posted net profits of 1.4 billion rubles ($48 million) in 2009.


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