PhosAgro could spend 2 bln rubles on Apatit squeeze-out - source
MOSCOW. April 8 (Interfax) - PhosAgro could spend up to 2 billion rubles buying out just over 4% of the shares in nepheline concentrate producer Apatit .
A source with knowledge of the company's plans told Interfax that PhosAgro would offer to squeeze the Apatit shareholders out at 6,880 rubles per ordinary share and 5,504 rubles per preferred share.
PhosAgro owns 95.95% of Apatit.
The source said the offer had been referred to the Federal Financial Markets Service (FFMS) for its approval, and then it would be posted to Apatit's remaining shareholders. This is expected to happen late April or early May.
PhosAgro declined to comment and the FFMS was not yet available for comment.
The squeeze-out values the shares at 3% more than the mandatory offer that PhosAgro made last year at 6.679.9 rubles per ordinary share and 5,344 rubles for prefs. The last deal in Apatit's ordinary shares on the RTS board was done at $211.5, or 6,947 rubles a share, and the last transaction in prefs at $168 or 5,241 rubles.
PhosAgro won a tender last September for a state-owned 20%-stake (26.67% ordinary shares) in Apatit, paying 11.1 billion rubles. PhosAgro's stake in the company rose from 57.57% to 77.57% following the tender. The company spent 5.904 billion rubles on the mandatory offer.