China Development Bank may finance Fosun’s Russian Polyus deal
The bank may finance the purchase of a stake in Russia’s largest gold producer — Russia has been looking for investments in Asia since the West imposed sanctions
Moscow/Hong Kong — China Development Bank is considering providing financing for a Chinese consortium seeking to buy a stake in Russia’s largest gold producer Polyus, sources familiar with discussions about the potential deal told Reuters. Since last year, the consortium, led by Fosun International, one of China’s most acquisitive conglomerates, has been in talks to buy a stake in Polyus, controlled by the family of Russian tycoon Suleyman Kerimov. According to one of the sources, the Chinese buyer is also discussing the financing with a few other banks, but the source did not identify them. The plan under discussion is to sell "well below" a 25% stake in Polyus to the Fosun-led consortium, with a potential option to increase the stake later, said one of the sources, who spoke on condition of anonymity. Polyus has a market value of about $10bn. Russia has been actively looking for investments in Asia, mainly in China, since the West imposed sanctions on Moscow due to its role in the...
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