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OJSC PHOSAGRO: Mgmt Brd Approves Apatit Shareholders Compulsory Buyout

OJSC PHOSAGRO: Mgmt Brd Approves Apatit Shareholders Compulsory Buyout For Immediate Release 20 February 2013

PhosAgro Management Board Decides to Launch Compulsory Buyout of Apatit Shareholders

Moscow - PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that the Company's management board at its first meeting on 18 February 2013 decided to launch a compulsory buyout of all remaining shares owned by minority shareholders of OJSC Apatit.

PhosAgro CEO and Management Board Chairman Maxim Volkov said: "This decision is fully in line with our strategy of consolidating our ownership of the minority stakes in PhosAgro's subsidiaries."

PhosAgro's management board decided to launch the compulsory buyout offer after the stake in OJSC Apatit's authorised capital owned by PhosAgro and its affiliated parties surpassed 95% as a result of the mandatory buyout offer made to Apatit shareholders. Today the Company's stake in Apatit equals 95.95%. PhosAgro has spent a total of RUB 5,904 million on the mandatory buyout.

PhosAgro's mandatory buyout offer was launched as a result of the Company's victory in the tender for the Russian Federation's 20% stake (26.67% of ordinary shares) in Apatit. This resulted in PhosAgro's ownership of Apatit exceeding 75%, as it increased to 77.57%. PhosAgro's winning bid of RUB 11,110 million was the highest price offered by tender participants.

PhosAgro plans to finish the consolidation of its ownership in Apatit before the end of this year.

For further information please contact:

OJSC PhosAgro

+7 495 231 2747 Irina Evstigneeva, Head of Corporate Finance and Investor Relations Timur Belov, Press Officer


Sam VanDerlip +44 (0) 20 7920 2356

Notes to Editors

PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (with P2O5 content of not less than 39 percent), as well as ammonia and nitrogen-based fertilisers.

The Group is the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the second largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.

PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production. The Group also controls substantial Al2O3 resources and has 41% of Russia's rare earth oxides resources according to the G.P. Luzin Institute of Economic Problems of the Kolskiy Scientific Centre of the Russian Academy of Sciences, 2010).

The Group's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. PhosAgro's 2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The С ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.

For further information on PhosAgro please visit:


-0- Feb/20/2013 07:00 GMT

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