PhosAgro directors approve participation in Apatit state-owned stake privatization
MOSCOW. May 3 (Interfax) - The board of directors of OJSC PhosAgro has approved the company to participate in the privatization of the 20% state-owned stake in OJSC Apatit , PhosAgro said in a statement.
PhosAgro owns 57.57% of Apatit's voting shares. Russia's Federal Anti-Monopoly Service (FAS) has already granted its request to acquire another 42.43%, bringing PhosAgro's stake to 100%.
Besides participating in Apatit's privatization, PhosAgro intends to buy out the company's minority shareholders.
PhosAgro's board of directors has authorized the company's General Director Maxim Volkov to determine the price and other parameters for participation in the privatization.
As reported with reference to a source, Russia's Federal Property Agency (Rosimushchestvo) will take applications for the 20% state-owned stake in Apatit until May 17, and the tender itself - at which the winner will be announced - could take place on May 31.
PhosAgro, Acron Group and UralChem have already announced their interest in purchasing the Apatit stake. One of the sources said that other participants in the tender could include the investment fund Fleming Family and Partners, Sberbank of Russia and Renaissance Capital.
The government owns 26.6% of Apatit's ordinary shares, or around 20% of its charter capital. If Apatit does not pay out dividends for preferred shares, they will become voting shares. In this case, 26.6% of ordinary shares will not correspond to 26.6% of voting shares. Therefore, the new owner of the state stake will not have the opportunity to block a decision to conduct an additional issue and will be forced to participate in it in order to maintain his stake in the company.
On May 2, Apatit's board of directors recommended that shareholders decide to pay out dividends for 2011, including for preferred shares, at the annual general meeting.