03 May 2012 11:56 [Source: ICIS news]
LONDON (ICIS)--PhosAgro’s board of directors on Thursday approved a decision to allow the phosphate-based fertilizer producer to privatise the Russian Federation Government's stake in the group's subsidiary Apatit.
PhosAgro’s board has now granted the company’s CEO, Maxim Volkov, authority to determine the price and other parameters of the acquisition of the Apatit shares owned by the Russian Government.
In addition to the privatisation of the Russian government’s stake, PhosAgro intends to acquire shares from Apatit’s other minority shareholders.
PhosAgro currently owns more than 57.57% of the voting shares of Apatit. In April the Russian Federation Antimonopoly Service approved PhosAgro’s request for permission to acquire up to the remaining 42.43% of outstanding shares.
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