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PhosAgro OAO Decides to Launch Compulsory Buyout of Apatit OAO's Shareholders


Tuesday, 19 Feb 2013 07:00pm EST 

PhosAgro OAO announced that the Company’s management board at its meeting on February 18, 2013 decided to launch a compulsory buyout of all remaining shares owned by minority shareholders of Apatit OAO. PhosAgro OAO’s management board decided to launch the compulsory buyout offer after the stake in Apatit OAO’s authorised capital owned by PhosAgro OAO and its affiliated parties surpassed 95% as a result of the mandatory buyout offer made to Apatit OAO shareholders. The Company’s stake in Apatit OAO equals 95.95%. PhosAgro OAO has spent a total of RUB 5,904 million on the mandatory buyout. PhosAgro OAO’s mandatory buyout offer was launched as a result of the Company’s victory in the tender for the Russian Federation’s 20% stake (26.67% of ordinary shares) in Apatit OAO. This resulted in PhosAgro OAO’s ownership of Apatit exceeding 75%, as it increased to 77.57%. PhosAgro OAO’s winning bid of RUB 11,110 million was the highest price offered by tender participants. PhosAgro OAO plans to finish the consolidation of its ownership in Apatit OAO before the end of this year. 

Company Quote

1319.0
9.4 +0.72%
11 Jul 2014