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M&A: PhosAgro to buy shares from minority shareholders of PhosAgro-Cherepovets

OJSC PhosAgro intends to buy back the shares held by the minority shareholders of OJSC PhosAgro-Cherepovets, as stated by Andrey Guryev, CEO of PhosAgro, in an interview to Bloomberg.

To finance the stock buy-back, PhosAgro intends to take out a on $200 million loan. Earlier, PhosAgro consolidated 100% of the shares in its other subsidiary OJSC Apatit.

PhosAgro intends to have its production assets and Apatit assume a single share, A. Guryev pointed out adding that the next step could be the unification of PhosAgro and Apatit shares.

A. Guryev also announced the company's intention to stop supplying fertilizers to India considering European countries, Brazil, Vietnam, Malaysia, the CIS countries and Russia more appealing sales markets.

OJSC PhosAgro (tax number: 7736216869) is a Russian vertically integrated company, a global leader in the production of phosphorus-containing mineral fertilizers. The company is principally engaged in the production of phosphorus-containing fertilizers, phosphate feeds, high-quality phosphate raw stuff as well as nitrogen fertilizers and ammonia. PhosAgro Group includes OJSC Apatit, OJSC PhosAgro-Cherepovets (resulting from the merger of OJSC Ammophos and OJSC Cherepovetsky Azot), CJSC Agro-Cherepovets, Balakovskiye Mineralniye Udobreniya LLC, PhosAgro-Trans LLC, PhosAgro-Region LLC and OJSC NIUIF.

PhosAgro's Global Depositary Receipts are listed on the LSE, its stock on the Russian stock exchange.

IFRS net profit of OJSC PhosAgro for January-September 2013 decreased by 52% to RUB 9.094 billion from RUB 19.120 billion for the same period in 2012. Revenue grew by 3% to RUB 81.276 billion from RUB 79.237 billion, EBITDA decreased by 27% to RUB 19.897 billion from RUB 27.194 billion, EBITDA margin was 24% against 34%.

"AK&M", 29.01.2014


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