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Polyus Gold Is To Get 50.1% in KazakhGold

Polyus Gold offering $390 million in cash and shares for a 50.1 percent stake in KazakhGold

Shareholders in KazakhGold, Kazakhstan's largest metal producer, would receive $7.95 and 0.298 Polyus shares per share under the deal, KazakhGold said in a statement posted on the London Stock Exchange web site Monday.

The deal has yet to be approved officially by the boards of the two companies.

Representatives of both companies, including the major Polyus shareholders -Mikhail Prokhorov and Vladimir Potanin - are not available for any comments, says The Moscow Times.

The deal will be discussed at a Polyus board meeting today, a source close to the company said Monday.

The announcement of the pending deal drew positive reviews.

According to Marat Gabitov, head of research at UniCredit Aton, who gave comments to The Moscow Times, "It is a good price offered for a quality asset in the right time".

Author: Ksenia Kochneva