Bedell Cristin advises Sacturino on $9 billion bid for Polyus Gold
16 November 2015
Leading offshore law firm Bedell Cristin is advising Sacturino Limited ("Sacturino") on the Jersey law aspects of its $9 billion cash takeover offer for the shares in Polyus Gold International Limited ("Polyus Gold").
Sacturino is a wholly-owned subsidiary of Wandle Holdings Limited, which, at the time of the takeover offer, already held or was interested in 40.2 per cent of Polyus Gold.
Polyus Gold is the largest gold producer in Russia and one of the top 10 gold miners globally by ounces produced, with 1.696 million ounces of gold output in 2014. Polyus Gold holds one of the largest gold reserves in the world, with 65.8 million ounces of proven and probable gold reserves, according to JORC standards, as at 31 December 2014.
Bedell Cristin is also advising Sacturino on the Jersey law aspects of the financing arrangements of the offer, which include a $5.49 billion facility arranged by JSC VTB Bank.
The Bedell Cristin Jersey team is led by partners, Tim Pearce and Alasdair Hunter, supported by senior associates Antony Clerehugh, Simon Morris and Mark Nisbet, and associates Louise Hassell and Lauren Taylor.
A team from Norton Rose Fulbright are also advising Sacturino on the offer, and a team from Debevoise & Plimpton LLP are also advising Sacturino on the financing of the offer.