Polyus set for listing after Kazakh progress

Polyus Gold, Russia’s largest gold producer, is poised to come to the London market after a lhow to process feldspar for vetrified tilesong-delayed merger with Kazakhgold appeared resolved on Friday. The deal, which carries a nominal share-swap value of $13.1bn (£8bn), would create the largest gold miner on the London market in production terms.

Polyus, which has controlled Kazakhgold since 2009, proposed a reverse takeover last year. Polyus was to be bought by its smaller, majority-owned subsidiary, in order to gain access to Kazakhgold’s London listing. But Polyus’ financial disputes with the Assaubayev family, Kazakhgold’s previous owners, snared the deal. The Kazakh government restricted the Polyus-Kazakhgold merger. Friday’s deal revives the original reverse takeover plan from 2010 with minor modifications. This follows the Kazakh government’s approval of the combination last month, following a separate peace between Polyus and the Assaubayev family. Mikhail Prokhorov and Suleiman Kerimov, two of Russia’s leading oligarchs, control 73 per cent of Polyus shares and have already undertaken to tender their shares in the deal...