Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that it has signed a bank guarantee agreement with VTB for the purposes of the mandatory buyout of Apatit shares.
In accordance with article 84.2 of the Federal Law No. 208-FZ On Joint Stock Companies dated 26 December 1995, as amended, PhosAgro is obliged to make a buyout offer in respect of the ordinary and preferred shares currently owned by Apatit’s minority shareholders.
The RUB 7.785 billion bank guarantee is valid from 6 November 2012 until 18 September 2013.
On the 4 September 2012 PhosAgro won the tender for disposal of the Russian Federation’s 20% stake in Apatit and increased its stake in the Apatit’s share capital from 57.57% to 77.57%.