Russia's Polyus CEO becomes KazakhGold chairman
Mon Aug 17, 2009 8:53am EDT
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KZGq.L) following Polyus's acquisition of a controlling stake in the Kazakh miner.
Polyus, which bought a 50.1 percent stake in KazakhGold, said in a statement on Monday that besides the new Kazakhgold chairman, Yevgeny Ivanov, three other Polyus executives will become members of the seven-strong KazakhGold board.
The $270 million acquisition of KazakhGold, to be concluded on Aug. 27, will give its shareholders $7.18 in cash per share and 0.064 percent of one Polyus share for each KazakhGold share.
Polyus may raise its stake in autumn through an additional issue of Kazakhgold's shares. (Reporting by Polina Devitt; writing by Aleksandras Budrys; editing by Simon Jessop)
