Acron looks to regain 14.3% of Dorogobuzh shares in JV with Yara
APATITY (Murmansk region). July 27 (Interfax) - OJSC Acron intends to regain 14.3% of the shares in OJSC Dorogobuzh that are at present held by a joint venture between Acron and Yara International ASA - Nordic Rus Holding, chairman of the Acron board of directors Alexander Popov said during a meeting with investors.
Nordic Rus Holding also holds 7.7% of the charter capital (10.3% of the stock in OJSC Apatit , which is part of the PhosAgro holding). PhosAgro is looking to buy that stake from the JV.
The partners in the joint venture are negotiating its reorganization, Popov said. He told reporters that the reorganization could result in Acron and Yara getting cash for Apatit shares.
Nordic Rus Holding was set up in September of 1997 by Acron (51% stake in the JV) and Norsk Hydro of Norway. In 2004, Norsk Hydro's former fertilizer-producing subdivision Yara International was spun off into a separate company.
Acron holds a 55.38% stake in Dorogobuzh charter capital (66.76% of shares), CJSC Granit - 10.83% (10.86%), and CJSC Nordic Rus Holding - 11.76% (14.28%).