CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Russian gold producer Polyus said on Wednesday that it had closed the books for its more than $6 billion share buyback early, and that the entire buyback package would be redeemed.
Earlier this month, Polyus said its board had approved a share buyback worth up to 579.4 billion roubles ($6.44 billion) that could boost its financial flexibility for future M&A deals.
It said that it would buy back 40,802,741 shares, representing 100% of the maximum number of shares set out in its tender offer, or 29.99% of outstanding shares.
A Polyus representative said a large shareholder had submitted a bid to sell part of its stake and that a large number of retail investors had participated.
The subsequent free-float value will be determined once calculations have been finalised.
On Tuesday, a delisting of Polyus’ depositary receipts from the London Stock Exchange, in part due to US and UK sanctions against the company over Russia’s actions in Ukraine, came into effect.
($1 = 89.9000 roubles)
(By Alexander Marrow, Anastasia Lyrchikova and Caleb Davis; Editing by Louise Heavens and Bernadette Baum)
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