UralChem prepared to spend 20 bln rubles on state stake in Apatit
MOSCOW. June 5 (Interfax) - UralChem, one of Russia's largest fertilizer producers, is prepared to spend up to 20.005 billion rubles to buy the government's 20% stake in apatite concentrate producer OJSC Apatit .
UralChem said its board of directors has approved the purchase-sale agreement. The overall cost includes the price of the stake in the amount of up to 20 billion rubles, and up to 5 million rubles to cover expenses related to the transfer of title to the shares. This amounts to 36.78% of the book value of UralChem assets.
The board also scheduled an extraordinary shareholder meeting for July 5 that will vote on the approval of major transactions.
In turn, the board of directors of Russian mineral fertilizer producer Acron Group has approved a purchase-sale agreement for up to 25 billion rubles worth of Apatit shares.
PhosAgro's board of directors has also approved purchasing the government-owned stake in Apatit. It has stipulated, in addition, that the price of property acquired under the purchase-sale contract for Apatit shares will be determined by the board of directors in agreement with the federal law on joint-stock companies, based on their market value. Also at their meeting, PhosAgro's directors approved contracts with one or several lenders on providing banking guarantees.
The board also authorized PhosAgro CEO Maxim Volkov "to sign a purchase-sale contract for OJSC Apatit shares on the existing conditions, and to independently determine the other terms of the contract."
The tender for the state stake in Apatit is scheduled for June 14. The minimum price for the stake has been set at 10.5 billion rubles.
Russia's Federal Anti-Monopoly Service (FAS) has cleared the deal for UralChem and PhosAgro, while it has extended its review of Acron's application by two months.
