PhosAgro buy allshares Apatit

PhosAgro to buy all the shares of Apatit

6:58 AM, 21st February 2013
PhosAgro to buy all the shares of Apatit

MOSCOW, RUSSIA: PhosAgro, a leading global vertically integrated phosphate-based fertilizer producer, decided to launch a compulsory buyout of all remaining shares owned by minority shareholders of OJSC Apatit. The Company’s stake in Apatit equals 95.95 per cent. PhosAgro has spent a total of RUB 5,904 million ($196.4 million) on the mandatory buyout. PhosAgro plans to finish the consolidation of its ownership in Apatit before the end of this year.

PhosAgro’s mandatory buyout offer was launched as a result of the company’s victory in the tender for the Russian Federation’s 20 per cent stake (26.67 per cent of ordinary shares) in Apatit. This resulted in PhosAgro’s ownership of Apatit exceeding 75 per cent, as it increased to 77.57 per cent. PhosAgro’s winning bid of RUB 11,110 million ($369.7 million) was the highest price offered by tender participants. “This decision is fully in line with our strategy of consolidating our ownership of the minority stakes in PhosAgro’s subsidiaries,” said Maxim Volkov, Chairman and CEO, PhosAgro.

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