Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Birthday : 05/03/1965
Place of birth : Moscou - Russia
Biography : 3rd richest man in Russia and the 32nd fortune global according to Forbes’ ranking in 2011, Mikhail...

Prokhorov's Onexim Sells Entire Polyus Gold International Stake for $3.6 Billion

02/22/2013 | 03:08am US/Eastern

By Lukas I. Alpert

MOSCOW--Russian billionaire Mikhail Prokhorov's Onexim holding company said Friday it has sold its entire 37.8% stake in the country's largest gold miner, Polyus Gold International Ltd. (>> Polyus Gold International Ltd), to two bidders for a combined $3.61 billion after the deal was approved by the U.K.'s takeover panel.

In a statement, Onexim said it had sold an 18.5% stake to Lizarazu Ltd., a company associated with real-estate baron Zelimkhan Mutsoyev for $1.77 billion. Onexim also sold 19.28% of the company to Receza Ltd., a firm associated with Gavril Yushvaev, the former co-owner of Russian juice maker Wimm-Bill-Dann which was sold to PepsiCo Inc. (>> PepsiCo, Inc.) in 2010. This stake was valued at $1.85 billion.

In September, Onexim said it was in talks with two potential buyers for Mr. Prokhorov's stake in the company--which has the world's third-largest gold reserves.

When Onexim first said it was in talks, it laid out a possible deal that involved the sale of less than 20% of the company to each of the two undisclosed parties. Speculation immediately focused on Mr. Prokhorov's co-owner in Polyus, Suleiman Kerimov, who owns 40.2% of the company's stock. His holding company, Nafta Moskva, had denied involvement from the start.

The proposed deal came before the U.K.'s Takeover Panel to determine whether the proposed buyers were acting independently or in concert as a single owner. Had the panel determined that the two were acting together and would control more than 30% of Polyus, it would have forced a mandatory offer to buy out minorities.

Mr. Mutsoyev, who is worth $1.5 billion according to Forbes, is a partner with Mr. Kerimov in potash giant Uralkali (>> Uralkaliy OAO).

Mr. Prokhorov's exit from Polyus signals a significant shift for one of Russia's wealthiest men, who has vowed to focus more of his energy on political aspirations and less on his business ventures. Polyus represents one of the largest pieces of Mr. Prokhorov's empire, which includes a substantial stake in United Co. Rusal PLC (0486.HK), banking, energy and media holdings, as well as the Brooklyn Nets basketball team in the U.S.

For Polyus, analysts have said a sale would provide a strong boost, paving the way for a possible merger with gold and silver producer Polymetal International PLC (>> Polymetal International PLC), which was owned by Mr. Kerimov and is now partly held by businessmen close to him.

Write to Lukas I. Alpert at lukas.alpert@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

React to this article
Latest news about Mikhaïl Prokhorov 
1  2  3  4  5  6  7  8  9  10Next

Most Read News 
11/24DJR. JOHNSON : BlackBerry Executive Eric Johnson Leaves Company
11/25 PHILIP GREEN : Philip Green's Arcadia sees pre-Christmas sales fall
11/27 JOHN MCFARLANE : Barclays new CEO faces stress test on first day
11/24DJJACK MA : Alibaba in Talks to Buy Controlling Stake in SCMP Group
11/24 NELSON PELTZ : Peltz's activist fund Trian to end quarterly redemptions - sources
11/25DJSUMNER REDSTONE : Sumner Redstone's Competence Questioned in Court Petition -- Update
11/27 RUPERT MURDOCH : Tribune papers likely to be sold, LA Times split off
More news

Popular Business Leaders 
William Ackman Jean-michel Aulas Ernesto Bertarelli Luc Besson Vincent Bolloré Martin Bouygues Warren Buffett Paul Desmarais David Einhorn Albert Frère Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Arnaud Lagardère Robert Louis-dreyfus Maurice Lévy Lakshmi Mittal Rupert Murdoch Xavier Niel Nelson Peltz Ferdinand Piëch Ted Rogers Johann Rupert Carlos Slim George Soros Ratan Tata Donald Trump Alain Weill
A-Z Business Leaders