Moscow – PhosAgro ("the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that shareholders owning over 10% of OJSC PhosAgro-Cherepovets shares have accepted PhosAgro’s voluntary tender offer for the purchase of PhosAgro-Cherepovets shares.
The purchase price has been set at RUB 44 per ordinary PhosAgro-Cherepovets share with a nominal value of RUB 1.10. PhosAgro is accepting share tender documentation through 6 May 2014. VTB has provided a bank guarantee for obligations arising as a result of the tender totalling RUB 10.8 billion.
PhosAgro and affiliated parties currently own 87.77% of the share capital of PhosAgro-Cherepovets. PhosAgro plans to complete the consolidation of its ownership of PhosAgro-Cherepovets in 3Q 2014.