Polyus Gold shareholders cancel stake sale -source
Fri Nov 20, 2009 2:31am EST

MOSCOW, Nov 20 (Reuters) - The two main owners of Polyus Gold (PLZL.MM) have
decided not to sell a 5 percent stake in Russia's largest gold miner after
failing to collect enough bids from investors, a market source told Reuters on
Friday.
"The deal did not take place because of a weak market and very aggressive
pricing. There was demand for around $400 million but they were aiming for
roughly $530 million," the source said, on condition of anonymity.

"The shareholders did not want to sell less than 5 percent."

Polyus said on Thursday its main shareholders, tycoons Mikhail Prokhorov and
Suleiman Kerimov, were prepared to sell up to a total of 5 percent of the
company in the form of shares and/or American Depositary Receipts.
[ID:nLJ405286] (Reporting by Olga Popova; Writing by Toni Vorobyova)


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