Fosun International Limited, Hainan Mining Co., Ltd., Zhaojin Mining Industry Company Limited cancelled the acquisition of 10% stake in Public Joint Stock Company Polyus from Polyus Gold International Limited.
January 14, 2018
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Fosun International Limited (SEHK:656), Hainan Mining Co., Ltd. (SHSE:601969), Zhaojin Mining Industry Company Limited (SEHK:1818) signed agreement to acquire 10% stake in Public Joint Stock Company Polyus (MISX:PLZL) from Polyus Gold International Limited for approximately $890 million on May 31, 2017. Polyus Gold International agreed to sell 12.6 million shares for $70.6 per share. Purchase price is subject to a completion adjustment for dividends paid per share during the period between transaction signing and completion. In addition to this agreement, Polyus Gold International Limited granted an option to acquire up to an additional 5% of Public Joint Stock Company Polyus share capital at $77.7 per share exercisable not later than May 31, 2018. Polyus Gold International, Fosun International, Hainan Mining, Zhaojin Mining agreed to vote in favor of amending the Company's charter to increase the number of members on the Board of Directors from the current 9 to 11, and to maintain at least 3 independent non-executive directors. The acquisition is subject to certain conditions, including receipt of governmental approvals, approval by shareholders of Hainan Mining. The acquisition is expected to close before the end of 2017. Morgan Stanley & Co. International plc acted as financial advisor for Polyus Gold International Limited. Alan Kartashkin, Maxim Kuleshov, David Innes, William Chua, Gareth Fenney, Thomas Matthews, Wen-Wei Lai and Fengjian Ao of Debevoise & Plimpton LLP acted as legal advisor for Polyus Gold International Limited.
Fosun International Limited (SEHK:656), Hainan Mining Co., Ltd. (SHSE:601969), Zhaojin Mining Industry Company Limited (SEHK:1818) cancelled the acquisition of 10% stake in Public Joint Stock Company Polyus (MISX:PLZL) from Polyus Gold International Limited on January 15, 2018. Following the cancellation, Polyus Gold International Limited owns 82.4% stake in Public Joint Stock Company Polyus. The transaction was cancelled due to non-satisfaction of a condition precedent pursuant to the terms of the Agreement.
Hainan Mining Co., Ltd. is a China-based company principally engaged in the mining, mineral processing and sales of iron ores. The Companyâs primary products are iron ore products, including lump ores, fine and iron powder and other iron products. Its iron ores are mainly used for the smelting of pig iron and steels. The Company has the capacities of mining, mineral processing, tailings recovery, cobalt and copper smelting, equipment maintenance, metal processing, as well as other integrated production capacities.
Fosun International Limited, Hainan Mining Co., Ltd., Zhaojin Mining Industry Company Limited cancelled the acquisition of 10% stake in Public Joint Stock Company Polyus from Polyus Gold International Limited.
HAINAN MINING CO., LTD. 
