Fosun in exclusive talks to buy stake in Russian gold miner Polyus

[HONG KONG] Fosun International, China's largest private conglomerate, is in exclusive talks to buy a large minority stake in Russia's biggest gold miner Polyus, three sources with knowledge of the matter told Reuters.

Fosun, an aggressive buyer known internationally for its purchase of French resort operator Club Med, is keen to invest in Russia, where it does not yet own any assets. Reuters reported in August that Fosun is also in talks to buy a minority stake in Russian investment bank Renaissance Capital.

The talks between the two parties have been underway for a couple of weeks, said the sources, who declined to be named as the talks are confidential.

The two companies are still negotiating the final terms, including the size of the stake, and any deal value could be subject to last minute changes, one of the people said. Fosun is conducting due diligence on Polyus but no deal is imminent, the person added.

One of the sources said Fosun is looking to invest around US$2 billion in Polyus, owned by the family of Russian billionaire Suleiman Kerimov.

REUTERS