Moscow – PhosAgro ("the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that it has increased the price of its voluntary tender offer for the purchase of PhosAgro-Cherepovets shares from RUB 40.9 to RUB 44.0 per ordinary share.
The Company made this decision due to improving mineral fertilizers market conditions. The VTB Bank guarantee for obligations arising as a result of the tender has likewise been increased from RUB 10.1 billion to RUB 10.8 billion. The voluntary tender offer is valid through 6 May 2014. PhosAgro and affiliated parties currently hold 87.77% of PhosAgro-Cherepovets shares.
PhosAgro plans to complete the consolidation of its ownership in PhosAgro-Cherepovets by the end of 2014.