Russia is not against “Polyus” and “Polymetal” merging

The Possible merger of Polyus Gold and Polymetal Int, which owns the Russian OAO “Polyus Gold” (PLZL) and OAO “Polymetal”, does not contravene the law. The Russian authority is not about to prohibit the deal despite the formerly announced direction towards deoffshorization of the economy, the press-secretary of the head of the state, D.Peskov said.

“The deals are within the bounds of the law. It is hardly possible to suggest prohibitive measures, as it is not a market driven approach,” Peskov said answering the question about his attitude to a possible merger of “Polymetal” and “Polyus Gold” and taking into consideration the companies’ reregistration in Great Britain a year ago.

The president of Russia, V.Putin ordered the government to prepare a range of proposals on deoffshorization of the economy. He said Russia needs a system of such measures and noted that 9 of the 10 deals, concluded by large Russian companies, are not regulated by the national laws, according to expert assessments.

The main question in deoffshorization is “what is important to do to make offshorization less profitable than the work in the Russian jurisdiction,” Peskov said.

Polyus Gold Int and Polimetal Int are registered on the island of Jersey. The companies explained their decision on reregistration in this offshore by the fact that it will help them to get real market assessment of its assets and simplify the attraction of financing from international financial markets. A number of experts noted the companies defend themselves against possible country political risks in such a manner.

http://gold.1prime.ru/show.asp?id=27639

Translated by Iraida Idiyatova

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