Support The Moscow Times!

Polymetal Gets 83% to Swap

Polymetal International, the Britain-registered gold producer created to take over Polymetal, said 83 percent of shareholders in the Russian company agreed to swap their shares.

Polymetal International waived a condition for 85 percent approval and extended the acceptance period to noon London time Oct. 26 from Oct. 21, the company said Monday.

Polymetal International may sell more than $725 million of shares in its initial public offering in London, two people familiar with the matter said. The sum is more than the estimated $555 million that the company needs to buy out minorities in Polymetal as part of listing plans. The balance will be used to reduce debt, the people said.

(Bloomberg)

Read more