Press Releases
Popular Queries

PhosAgro-Cherepovets EGM Approves Merger of Agro-Cherepovets, PhosAgro AG and Nordic Rus Holding into PhosAgro-Cherepovets

19 March 2015
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that an extraordinary general meeting of shareholders (“EGM”) of its subsidiary PhosAgro-Cherepovets on 19 March 2015 approved the merger of PhosAgro subsidiaries Agro-Cherepovets, PhosAgro AG and Nordic Rus Holding into PhosAgro-Cherepovets. PhosAgro currently owns 100% of all of these companies.

The EGM also approved an additional issue of ordinary shares by PhosAgro-Cherepovets, which will be used for the conversion of shares of Agro-Cherepovets, PhosAgro AG and Nordic Rus Holding in the process of the merger.

PhosAgro CEO Andrey Guryev said: “this decision is one more step towards our strategic target of consolidating the Company’s assets, which we believe will improve the efficiency of management processes and eliminate duplicate administrative functions by creating a single legal entity.”

The merger of PhosAgro subsidiaries Agro-Cherepovets, PhosAgro AG and Nordic Rus Holding into PhosAgro-Cherepovets is planned to be completed in the third quarter of 2015.