Moscow – PhosAgro (MICEX, RTS, LSE: PHOR) (“the Company”), a leading global vertically integrated phosphate-based fertilizer producer, announces that it participated in reaching the settlement agreement that ended the dispute between the owners of Nordic Rus Holding. Nordic Rus Holding owns 7.73% of the share capital (10.3% of ordinary shares) of PhosAgro subsidiary Apatit.
Today Acron announced that it has reached a settlement agreement with Yara International, bringing an end to the companies’ dispute over the Nordic Rus Holding joint venture in the Arbitration Institute of the Stockholm Chamber of Commerce.
Commenting on the transaction, PhosAgro CEO Maxim Volkov said: “we are pleased that PhosAgro’s role as a guarantor made it possible to resolve this long-running dispute between the participants of Nordic Rus Holding, which owns a significant stake in Apatit.”
As a result of the settlement between Acron and Yara International, 51% of Nordic Rus Holding is now owned by Phosint Limited, which is affiliated with PhosAgro Group (PhosAgro owns 49% of Phosint Limited). Currently, the purchase of the remaining 49% of Nordic Rus Holding is under consideration.