Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that it has consolidated 100% of OJSC Apatit shares.
PhosAgro has now completed all procedures related to the squeeze-out, which was launched on 17 April 2013, at a total cost of RUB 1.99 billion.
In addition to the squeeze-out, PhosAgro purchased 76% of Nordic Rus Holding, which owns 7.4% of Apatit (617,430 ordinary shares), for USD 141.92 million, which is equivalent to the price offered under the squeeze-out plus the value of other assets held by Nordic Rus Holding (over USD 50 million). PhosAgro had earlier purchased 24% of Nordic Rus Holding in 2012.
PhosAgro CEO Andrey A. Guryev said: “The consolidation of our core mining asset is an important step towards achieving PhosAgro’s strategy of organic growth. It should make our Company more attractive to investors and support shareholder value, as well as increase profits and dividend payments attributable to the shareholders of PhosAgro.”