Mikhail Prokhorov plans fast sale of Polyus Gold stake

The share price for the Russia's largest gold miner Polyus Gold increased almost 10% yesterday, up to $ 346 per piece, right after the company’s co-owner, Mikhail Prokhonov, announced the sale of his stake. At present, its market price amounts to $ 3.6 Billion, and Suleiman Kerimov involved a consortium of investors through his “Nafta-Moscow” to purchase the stake.

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In order to close the deal, it is necessary to obtain an approval by the UK’s takeover panel. According to the sources from Bloomberg, Onexim Group and the potential buyers already directed an inquiry for transaction approval. On the website of the British control tower, there is information on pendency of the application by Nafta Moskva Ltd. (Cyprus) for transaction over Polyus Gold stake on September 2012.

The UK Takeover Code provides that the companies involved in a transaction should disclose any positions and dealings in securities, explains Yaroslav Kulik from ART DE LEX Law Firm.“Disclosure must be made after inception of the offer by an offeror or offeree company, and as well as by any person who is interested in more than 1% of securities”, — notes the lawyer.