Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that today it launched a mandatory tender offer to acquire ordinary and preferred shares of Apatit.
The offered price, which was determined in accordance with Russian law, is RUB 6,679.9 per ordinary share and RUB 5.344.0 per type A preferred share.
Apatit’s Board of Directors plans to make its recommendation with regard to the share tender offer at a meeting on 15 November 2012. Following that the offer, together with the Board of Directors’ recommendation, will be sent to Apatit shareholders.
Apatit shareholders have 70 days to respond to the offer from the date when the company received the tender offer. VTB Bank provided a bank guarantee securing PhosAgro’s potential liabilities.
On the 4 September 2012 PhosAgro won the tender for disposal of theRussian Federation’s 20% stake in Apatit and increased its stake in the Apatit’s share capital from 57.57% to 77.57%. Presently PhosAgro and affiliated parties own approximately 85% of Apatit shares.