Polyus Gold and precious metal producer Polymetal's billionaire owners are considering merging the Russian gold miners to create the world's ninth-biggest producer of the metal, two people with knowledge of the matter said, Bloomberg reports.
Management has apparently not yet been informed of the decision, the people said.
A tie-up with FTSE 100 member Polymetal would help Polyus, part-owned by Mikhail Prokhorov, gain a primary listing in the UK. That has been delayed by a Russian commission headed by Prime Minister Vladimir Putin the agency reports.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As of 09:56am shares of Polymetal are rising by 4.1% to 1,113p.
AB
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
