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PhosAgro Launches PhosAgro-Cherepovets Minority Squeeze Out

18 August 2014
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.”