Moscow – PhosAgro ("the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that its Management Board has approved a voluntary tender offer for the purchase of PhosAgro-Cherepovets minority shareholders.
PhosAgro Management Board Chairman and CEO Andrey A. Guryev said: “This decision marks a further step forward in our strategy of consolidating ownership of our production facilities. This should increase profit and dividends attributable to shareholders of PhosAgro, and will simplify our legal structure, making it more understandable and simpler for our investors.”
The offer price is RUB 40.9 per PhosAgro-Cherepovets ordinary share with a nominal value of RUB 1.10. VTB Bank is providing a guarantee of up to RUB 10.1 billion for obligations arising as a result of the tender.
PhosAgro and affiliated parties currently own 87.61% of the share capital of PhosAgro-Cherepovets.
PhosAgro aims to complete the consolidation of its ownership of PhosAgro-Cherepovets in the third quarter of 2014.