Member access

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

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Mikhaïl Prokhorov
Country of residence : Russia
Birthday : 05/03/1965
Linked companies : Norilsk Nickel - Onexim - UC Rusal

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

Latest news about Mikhaïl Prokhorov 
Billionaire Prokhorov To Buy Uralkali Stake
2013 - November 18, 2013 The investment firm of Russian billionaire Mikhail Prokhorov says it will buy a stake in Uralkali, the world's largest potash producer, amid Russian efforts to ease tensions over the co
Russian billionaire Prokhorov to buy into Uralkali
2013 - MOSCOW — The investment vehicle of Russian billionaire Mikhail Prokhorov says it will buy a stake in troubled potash producer Uralkali. One
Russian billionaire Prokhorov to buy into Uralkali
2013 - MOSCOW -- The investment vehicle of Russian billionaire Mikhail Prokhorov says it will buy a stake in troubled potash producer Uralkali. Onexim said in a sta
Russian Tycoon Prokhorov To Buy Kerimov's Uralkali Stake
2013 - By Lukas I. Alpert MOSCOW--The primary shareholder in Russian potash producer OAO Uralkali , Suleiman Kermovhas, to sell his 21.75% stake in the fertilizer company to Russian billionaire Mikhail Prokhorov, the tycoon's investment ve...
Advertisement
Popular Business Leaders 
Paul Allen Mukesh Ambani Bernard Arnault Luc Besson Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Steve Case Benjamin De Rothschild Barry Diller John Fredriksen Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Peter Lynch Maurice Lévy Lakshmi Mittal Rupert Murdoch Jean-charles Naouri Nelson Peltz Zong Qinghou Jim Rogers Johann Rupert Naguib Sawiris Carlos Slim George Soros Donald Trump
A-Z Business Leaders
Most Read News 
Buffett cuts Tesco stake to below 3 percent
10/16 - LONDON (Reuters) - Warren Buffett, the billionaire chairman and chief executive of conglomerate Berkshire Hathaway (&...
Philippine Airlines tycoon Tan to buy out minority investors in listed parent
7 days ago - MANILA (Reuters) - Philippine Airlines (PAL) owner Lucio Tan plans to buy out minority shareholders in parent PAL Holdings...
HTC unveils a suite of breakthrough imaging products
5 days ago -    •  HTC Desire EYE is fully equipped for those who love to take great photos, videos and s...
Hong Kong Protests as Much About Dollars as Democracy
4 days ago - By Kathy Chu HONG KONG--A key reason why protesters in Hong Kong are demanding free elections for the first time i...
Greg Orman Liberal Millionaire Guest List
5 days ago - TOPEKA, Kan., Oct. 17 -- Sen. Pat Roberts, R-Kan., the Republican nominee seeking re-election to the U.S. Senate, issued ...
More news
Dynamic quotes  
ON
| OFF