Moscow – PhosAgro ("PhosAgro" or "the Company") (MICEX-RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertiliser producer, announces that it has signed a purchase agreement for the Russian Federation’s (RF) 26.67% of ordinary shares (approx. 20% of authorised capital) in OJSC Apatit.
PhosAgro offered RUB 11,110 million on 4 September2012 inthe tender for the state stake in Apatit. With order number 1750-r dated 22 September 2012 the Russian Government accepted the RF Ministry of Economic Development’s recommendation, which had been agreed with the RF Ministry of Finance, to sell the Government’s stake in Apatit to PhosAgro.
PhosAgro CEO Maxim Volkov said: “We are extremely pleased to have won the contest for this strategic asset and avoid a potential conflict with other shareholders.”