LONDON—Russian billionaire Said Kerimov confirmed Wednesday he's considering making a cash offer to buy the remaining shares his companies don't already own in Russia's largest gold producer, Polyus Gold International Ltd., for $5.39 billion.

Said Kerimov, the son of the business tycoon-turned-politician Suleiman Kerimov, is in the early stages of considering a cash offer of $2.97 a share for the 59.8% he doesn't already own of Polyus Gold. This represents a 3% premium to the gold miner's one-month volume-weighted average price and a 7% premium to the three-month volume weighted-average share price.

Mr. Kerimov, through his two holding companies Sacturino Limited and Wandle Holdings Limited, has until the end of the month to make a formal offer.

Ed Ballard in London contributed to this article.

Write to Alex MacDonald at alex.macdonald@wsj.com

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(END) Dow Jones Newswires

September 02, 2015 14:25 ET (18:25 GMT)

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