Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has sent a compulsory share purchase (squeeze out) notification for the purchase of all shares belonging to OJSC PhosAgro-Cherepovets minority shareholders.
The shares will be purchased at the price of RUB 44 per ordinary share with a nominal value of RUB 1.10.
Following the completion of the voluntary share purchase offer during which over 10% of minority shareholders tendered their shares, PhosAgro and affiliated parties now hold a 97.99% stake in PhosAgro-Cherepovets,. PhosAgro plans to complete consolidation of 100% ownership in PhosAgro-Cherepovets by the end of 2014, at a cost of slightly over RUB 1 billion.
PhosAgro CEO Andrey Guryev said: “This decision is in line with our strategy of consolidating ownership in PhosAgro’s subsidiaries and the subsequent merger of production assets.”