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M&A: Uralchem shareholders reach agreement to buy 20% of Uralkali shares

The shareholders of Uralchem Group reached an agreement in principle on the purchase of shares and GDRs of OJSC Uralkali accounting for 20% of the company's authorized capital including the securities owned by entities of Filaret Galchev and Anatoly Skurov. The parties expect to finalize the transaction before long, Uralchem informed.

The transaction value was not disclosed in the statement.
"We believe in the fundamental appeal of the potash market and highly appreciate Uralkali's leadership in this market. We regard this acquisition as a strategic investment creating significant value for the group and its shareholders," Chairman of Uralchem's Board of Directors Dmitry Mazepin commented on the transaction.

D. Mazepin was tipped as a new potential acquirer of the shares in OJSC Uralkali last month. According to reports, Mazepin might acquire Uralkali shares in tandem with Mikhail Prokhorov, VTB and Sberbank are ready to lend funds for this purchase.

OJSC United Chemical Company Uralchem (tax number: 7703647595) is one of the largest companies in the market of nitrogen and phosphoric fertilizers in the Russian Federation and the CIS, with annual production capacities of more than 2.5 million tpa of ammonium nitrate, 2.8 million tpa of ammonia, 0.8 million tpa of mono- and diammonium phosphate, 0.8 million tpa of mixed fertilizers, 1.2 million tpa of carbamide. The company ranks second worldwide and first in Russia in the ammonium nitrate production. Uralchem's production capacities comprise: the branch Azot (Berezniki, Perm Krai); OJSC Minudobrenia (Perm); OJSC Mineral Fertilizer Plant of Kirovo-Chepetsk Chemical Works (Kirovo-Chepetsk, Kirov region); OJSC Voskresensk Mineral Fertilizers, (Voskresensk, Moscow region).

IFRS net profit of the Uralchem group for 2012 increased by 49% to $665 million. Revenue grew by 16% to $2.423 billion from $2.080 billion, operating profit by 11% to $734 million from $659 million.

According to the information and retrieval system DataCapital, Uralchem's RAS net profit for H1 2013 grew by 17% to RUB 13.504 billion from RUB 11.575 billion the year before. Revenue increased by 6% to RUB 12.603 billion from RUB 11.915 billion. Income from interests in other entities increased to RUB 11.459 billion from RUB 9.152 billion.

Uralkali (tax number: 5911029807) is an integrated company established by merging the assets of OJSC Uralkali and OJSC Silvinit (the merger was finalized on June 16, 2011). For the purpose of the merger, Uralkali acquired 1,565,151 common shares (about 20%) of Silvinit and took over Silvinit replacing the target company's common and preferred shares with its own common stock. In 2012, Uralkali reduced potassium production by 16% to 9.12 million tonnes.

IFRS net profit of Uralkali for 2012 grew by 5% to $1.597 billion from $1.527 billion the year before. Revenue decreased by 6% year-on-year to $3.34 billion. Adjusted EBITDA decreased by 5% year-on-year to $2.375 billion, while adjusted EBITDA margin was 71%.

According to the information and retrieval system DataCapital, net profit (RAS) of Uralkali for 2012 increased by 15.2% to RUB 49.079 billion from RUB 42.571 billion in 2011. Revenue increased by 10.3% to RUB 110.116 billion from RUB 99.825 billion, sales profit by 7.2% to RUB 63.004 billion from RUB 58.748 billion, pre-tax profit by 17.4% to RUB 58.373 billion from RUB 49.711 billion.

AK&M "M&A Market"

"AK&M", 02.12.2013 15:24


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