JOHANNESBURG (miningweekly.com) – Russia's Polyus said on Monday that an agreement to sell a 10% stake in the company to a consortium led by China’s Fosun International had been terminated.
A condition precedent to the transaction was not met, following which the agreement to sell 12 561 686 of the ordinary shares in Polyus for $70.6025 a share had been terminated, Russia's top gold producer said.
The transaction was valued at $887-million.
The Fosun consortium also had an option to acquire an additional 5% in Polyus for $77.6628 a share by the end of May 2018. The option has also been terminated.
Edited by: Creamer Media Reporter
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