* Court approves takeover of Aricom
* Enlarged group is a FTSE 100 contender
(Recasts, adds share price)
LONDON, April 22 Peter Hambro Mining Plc
(POG.L), Russia's No. 2 gold producer, moved to the London Stock
Exchange's main market on Wednesday after its takeover of Aricom
OREA.L received court approval.
Peter Hambro's shares moved to the FTSE 250 from AIM and the
company is a contender to enter the FTSE 100, a move likely to
boost the share price as index-tracking funds move into the
Its shares traded at 517 pence at 0818 GMT, giving the
enlarged company a market capitalisation of about 885 million
pounds ($1.3 billion).
The acquisition of cash-rich iron ore company Aricom, which
was spun out of Peter Hambro in 2003, will give the gold
producer access to about $257 million in cash and dispel
concerns about debt levels.
Peter Hambro had previously said it planned to move to the
main London market once the Aricom transaction was completed.
(Reporting by Julie Crust; editing by John Stonestreet)