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Last Updated : 28 July 2010 at 18:00 IST

KazakhGold Group all set to merge with Polyus Gold

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MUMBAI (Commodity Online): Kazakh gold miner KazakhGold Group is all set to merge with Russia’s top gold producer Polyus Gold and changing the company name to Polyus Gold International.

According to KazakhGold release, the company Shareholders have approved a merger with parent company Polyus Gold and decided to change the name to Polyus Gold International.

They decided to extend the deadline for accepting share swap proposals to September 17 following consultations with the Kazakh government. An earlier preliminary plan for a reverse takeover procedure was also rescinded.

KazakhGold started the reverse takeover procedure with its controlling stake owner Polyus Gold in early July. Under the proposed deal, KazakhGold was valued at $9.4 billion.