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Polyus Gold shareholders cancel stake sale -source

MOSCOW, Nov 20 (Reuters) - The two main owners of Polyus Gold PLZL.MM have decided not to sell a 5 percent stake in Russia's largest gold miner after failing to collect enough bids from investors, a market source told Reuters on Friday.

“The deal did not take place because of a weak market and very aggressive pricing. There was demand for around $400 million but they were aiming for roughly $530 million,” the source said, on condition of anonymity.

“The shareholders did not want to sell less than 5 percent.”

Polyus said on Thursday its main shareholders, tycoons Mikhail Prokhorov and Suleiman Kerimov, were prepared to sell up to a total of 5 percent of the company in the form of shares and/or American Depositary Receipts. [ID:nLJ405286] (Reporting by Olga Popova; Writing by Toni Vorobyova)

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