Renova builds 20% stake in Petropavlovsk, fuelling takeover speculation
Renova, the Russia-based holding company of Viktor Vekselberg, has built up a 20% position in the London-headquartered Russian miner Petropavlovsk [LON:POG], The Sunday Times reported. The move, conducted via Renova subsidiaries Lamesa Foundation, Lamesa Group and Polo Company, has sparked speculation of a potential takeover offer, the unsourced report said.
By Friday 11 December, Renova had acquired a 14.8% stake, or 484m ordinary shares, with a further 5.2% comprising 170m loan notes which can be converted to Petropavlovsk stock, the item reported.
Petropavlovsk had a market capitalisation of approximately GBP 205m (USD 311m) at the end of last week, the report noted.
Sunday Times