OAO Acron (AKRN), a Russian fertilizer producer, rose in Moscow trading after announcing a plan to cancel 15 percent of its shares as part of a reorganization.
Acron gained as much as 2.7 percent and was up 1.6 percent at 1,375 rubles by 1:39 p.m. in the city. The company scheduled a shareholder meeting on Feb. 27 to consider the reorganization through a takeover of its Granit unit, which holds Treasury shares, according to a company statement today.
“It is long expected and very positive news for all shareholders as it increases the value of the stock,” Elena Sakhnova, a VTB Capital analyst, said today by telephone.
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