Acron sells stake in Apatit for $210 mln, enterprise valued at $2.7 bln
MOSCOW. April 18 (Interfax) - OJSC Acron has sold a stake of 10.3% of ordinary shares (7.7% of charter capital) in OJSC Apatit for $210 million, Acron said in its financial results.
Acron said in its financial report that it sold the 10.3% stake for $137.8 million. However, Acron clarified to Interfax that this amount was paid not for Apatit shares, but for 51% of the company Nordic Rus Holding. Based on this amount, 100% of that company is estimated at $270 million. Besides Apatit shares, Nordic Rus Holding also held a stake in OJSC Dorogobuzh , which was sold for $60 million.
Therefore, the cost of the 10.3% stake in Apatit was $210 million, which puts Apatit in its entirety at $2.7 billion. Based on this estimate, the 20% government-owned stake in Apatit is worth roughly $540 million.
It was earlier reported that Acron signed an amicable agreement with Norway's Yara in November 2011 and received shares in its plants while no longer owning shares in Apatit.
The shares were sold to a subsidiary of PhosAgro. The value of the transaction has not been released.
Acron also said that mining company Rio Tinto paid 2.125 billion rubles for a 40% stake in a joint venture with Acron for the exploration of potash section in Canada. The company also has an option to acquire another 40% in the project by March 2013.
In the fall of last year, North Atlantic Potash Inc., Acron's subsidiary in Canada, and Rio Tinto signed a joint venture agreement on developing potash prospects and the possible construction of a mining and processing complex. The agreement concerns North Atlantic Potash's permit holdings in the southern part of Saskatchewan's potash district.
In 2008, Acron bought 98% of the company 101109718 Saskatchewan Ltd, with licenses to Prairie Evapoirite fields containing around 20 billion tonnes of potassium ore and mineable reserves of approximately 6 billion tonnes.
In 2010, Akron sold the rights to explore two potash sections to BHP Billiton and Sanya Resource Corporation. In 2011, it sold another eight of 18 sections to China's Yankuang Group Corporation Limited for $110 million.