PhosAgro spends $32m on 24% stake in Nordic Rus Holding

17 October 2012 15:48  [Source: ICIS news]

LONDON (ICIS)--PhosAgro has invested $31.76m (€24.45m) in a 24% stake in CJSC Nordic Rus Holding, the phosphate-based fertilizer producer announced on Wednesday.

Nordic Rus Holding owns 7.73% of the authorised capital of OJSC Apatit (10.3% of ordinary shares). Nearly 75% of Nordic Rus Holding shares are owned by Phosint Limited, in which PhosAgro holds a 49% stake.

Separately on Wednesday, PhosAgro announced that authorities in Russia had agreed to cancel the government's special right to participate in the governance of group subsidiary OJSC Apatit through a "golden share".

The regulatory move, which was expected, comes as PhosAgro seeks to privatise OJSC Apatit by acquiring all its remaining shares. In April, the Russian Federation Antimonopoly Service approved the fertilizer maker's request to purchase all such shares.

($1 = €0.77)

By: Richard Ewing
+44 208 652 3214

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