Uralkali gets 11.34% of Cherkassk Azot
MOSCOW. Aug 2 (Interfax) - Russian fertilizer-maker OJSC Uralkali has acquired 11.34% of the stock in Cherkassk-based OJSC Azot, an Uralkali statement says.
The company previously had no holding in Azot until July 29.
The basis for this change was "the company's reorganization in the form of unification with Silvinit ," Uralkali said. "As a result of the unification, all the rights and responsibilities of OJSC Silvinit were transferred to OJSC Uralkali by universal legal succession," the statement says.
Uralkali told Interfax the company "plans to sell a minority stake in OJSC Azot as a non-core asset." "Uralkali's development strategy is associated with investments in the potash business," a company source said.
Uralkali and Silvinit finished their merger in the second quarter of 2011.
Cherkassk-based OJSC Azot is one of Ukraine's leading chemical enterprises.
The chairman of the board of directors at Group DF, Dmitry Firtash, purchased the controlling share packet in Azot from businessman Alexander Yaroslavsky at the start of March 2011.