Petropavlovsk waits for Viktor Vekselberg

Gold-mining company Petropavlovsk has seen "great potential" in merger with Zoloto Kamchatki of Viktor Vekselberg. His Renova is the Petropavlovsk’s largest shareholder with 21.45% of votes, but until now the industry believed that the top management and the founders of gold mining company opposed to such partnership. The protection from the main shareholder was considered a deal with Musa Bazhaev, announced in April, who should receive 30.3% in Petropavlovsk, and the merger with Zoloto Kamchatki, according to the Kommersant’s information, wasn’t discussed then.

Shareholder and CEO of Petropavlovsk Pavel Maslovski (owns 5.81% of shares) has said to the Bloomberg that he favours the idea of ​​the merger with Zoloto Kamchatki of Viktor Vekselberg and sees "great potential" in the possible deal. According to Mr. Maslovski, Zoloto Kamchatki "has interesting assets", and with the strengthening of gold prices in 2016 "the market is ready to welcome the deal". But there weren’t negotiations or offers, he said. Zoloto Kamchatki and Renova of Viktor Vekselberg declined to comment. Petropavlovsk specified to the Kommersant that Pavel Maslovski answered the question about Zoloto Kamchatki “in the context of the broader discussion on M&A prospects”.