December 23, 2011 10:51
SIBUR signs agreement with UralChem to sell stake in Perm Mineral Fertilizers
MOSCOW. Dec 23 (Interfax) - Russian petrochemicals company Sibur and fertilizer producer UralChem Holding have signed an agreement for the sale of a 51.22% stake in OJSC Perm Mineral Fertilizers, the companies said in a joint press release.
The two companies' boards of directors approved the deal at their meetings on December 22.
On December 21, UralChem expressed its interest in purchasing a controlling stake in Perm Mineral Fertilizers. It estimated the enterprise at roughly $550 million but was ready to raise the price of its offer by 5%-10%.
The sides did not disclose the cost of the deal. However, a market source told Interfax that the deal will be completed based on a higher estimate.
At present, Sibur owns 3.15% of shares and options to acquire a 48.07% stake in Perm Mineral Fertilizers. UralChem owns 46.47% of shares.
On Wednesday, CJSC Siberian Business Union (SDS) bought Kemerovo Azot (RTS: AZKM), the Angarsk Nitrogen Fertilizer Plant and LLC Biysk Railcar Repair Enterprise from Sibur Mineral Fertilizers. A source familiar with the details of the deal said that the transaction cost $1 billion.
With the sale of Perm Mineral Fertilizers to UralChem, Sibur has completely withdrawn from the company's non-core business in producing mineral fertilizers.
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