PRESS: Mordashov may give 65% in Nordgold to sons

MOSCOW, Feb 15 (PRIME) -- Russian tycoon Alexei Mordashov plans to give 65% of his gold producer Nordgold valued at U.S. $850–900 million to his sons Kirill and Nikita, Vedomosti business daily reported on Thursday quoting Mordashov.

“The key goal of the changes is succession, to bring Kirill and Nikita up to date and give them knowledge and experience in business management,” Mordashov told Vedomosti, adding that he would remain a large shareholder of Nordgold and would act as a mentor to his sons.

An official of Severgroup, a holding company of Mordashov through which he controls his companies, including 99% in Nordgold, told Vedomosti that a company called KN-Holding has asked the Federal Antimonopoly Service to allow it to acquire a controlling stake in Nordgold Management and affiliated companies that form the business of Nordogld.

“If regulatory approval is received and if the deal goes through, KN-Holding will acquire indirect control over about 65% in Nordgold,” the source said.

According to the Unified State Register of Legal Entities, KN-Holding was registered in December 2018, and Kirill and Nikita Mordashov own 50% each in the company, meaning they may acquire between $420 million and $490 million in Nordgold each.

Mordashov’s spokeswoman Anastasia Mishanina confirmed that his sons own KN-Holding and although they are now studying arts, they should get acquainted with the Nordgold’s business.

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