Russian state fund could invest in miner Polyus with China's Fosun: source

The state-backed Russian Direct Investment Fund (RDIF) and China's Fosun International Ltd (0656.HK) could announce an investment in Russia's top gold producer Polyus (PLZL.MM) in early June, a source familiar with the talks told Reuters.

A consortium led by Fosun, one of China's most acquisitive conglomerates, has been in talks since last year to buy a stake in Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, sources with knowledge of the matter have told Reuters.

The deal could be announced during the St Petersburg International Economic Forum on June 1-3, the source said on Friday.

RDIF and Polyus declined to comment. Fosun did not immediately respond to Reuters' emailed request for comment.

RDIF Chief Executive Kirill Dmitriev told reporters on Friday that the fund planned to invest together with a Chinese investor in a large Russian natural resources company and that the deal was expected to be announced during the St Petersburg Forum next week.

Dmitriev declined to disclose the names of the Russian company and the Chinese investor.

Polyus has a market value of about $10 billion.

Russian officials might be keen for a deal announcement during the St Petersburg Forum, the country's annual event to attract investors, as Moscow has been actively seeking investments from China since the West imposed sanctions on Russia in 2014.

Fosun may buy "well below" a 25 percent stake in Polyus with a potential option to increase the stake later, said one of the sources familiar with discussions in April.

Polyus is also considering launching a secondary share offering in London and Moscow in May or June, sources familiar with planning for the listing have said.

Source: Reuters

Macquarie’s Brian Bagnell Thinks Manitok is Trading Cheaply

SciClone and BTG Announce That DC Bead(R) Has Been Approved by China Food and Drug Administration

【Life Science】Abivax tees up a $49M IPO to get its hep B shot into Phase III

Avino closes U.S. brokered public offering

Raging River Exploration Inc. Announces Closing of Corporate Acquisition of Rock Energy Inc.

MGX Minerals Reports up to 99.9% SiO2 Results from Silicon Properties

Japan's Takeda puts down $65M in rare disease therapies deal with Ultragenyx

FDA approves Baxalta's treatment for common bleeding disorder

Upcoming Events More