OAO Uralkali, the potash producer that created a monopoly in Russia by merging with competitor OAO Silvinit, resumed trading in its global depositary receipts in London, giving the company a valuation of more than $26 billion.
The 618.9 million GDRs replace the pre-merger listing of as many as 424.9 million receipts, Uralkali said in a statement today. The market valuation represents a more than doubling in the combined worth of the companies before the merger, Elena Sakhnova, a VTB Capital analyst in Moscow, said by phone.
Uralkali may seek approval from Russia’s markets watchdog to increase the number of receipts to the equivalent of as many as 773.7 million shares, or a 25 percent stake, it said.
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