GOLD PRODUCER
Stake deal ends for Russia’s largest gold miner Polyus
Moscow — Russia’s largest gold miner Polyus said on Monday that plans to sell a 10% stake to a consortium led by China’s Fosun International had been dropped after one of the conditions of the agreement was not met. The Fosun-led consortium had been in talks since 2016 to buy a minority stake in Polyus, which is controlled by the family of Suleiman Kerimov. The Russian tycoon was arrested as part of a tax evasion case in France late in 2017. Shares in the gold producer declined 3.6% to a five-month low after news that the $887m stake deal had fallen through, leaving the company the worst performer on the Moex index in Russia. "After the condition precedent was not satisfied, the parties discussed further options but did not reach a consensus, following which Polyus Gold International proposed to terminate the agreement," Polyus said in a statement. "The parties agreed to terminate the agreement, including the option for the consortium to acquire an additional 5% of the company’s sha...
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