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Russian Millionaire Sold Its Stake In Polyus Gold

Russian billionaire Vladimir Potanin sold 20 percent of mining company Polyus Gold to billionaire Suleiman Kerimov, Vedomosti reported Tuesday, citing three unidentified people familiar with the situation

Kerimov paid $680 million to $740 million for the stake, the newspaper said. The deal was financed through a loan provided from VTB Group, Vedomosti said.

Potanin plans to use the proceeds to pay back a loan from VTB, the newspaper said. Before the sale to Kerimov, he held 35 percent of Polyus, and part of that stake was pledged as collateral to the VTB loan, Vedomosti said.

VTB on Tuesday withdrew an application it had filed earlier with the Federal Anti-Monopoly Service for permission to hold up to 29.9 percent in the mining company, RIA-Novosti reported.