Phosagro May Offer Shares to Apatit Minorities, RBC Daily Says

OAO Phosagro, Europe’s largest producer of phosphate fertilizers, may offer minority shareholders of its OAO Apatit unit the opportunity to swap their shares for parent-company stock, RBC Daily reported.

Phosagro said yesterday it will buy the Russian government’s 26.7 percent stake in Apatit for about $360 million. The company will now need to make a mandatory offer to Apatit minorities and may offer them Phosagro shares instead of cash, the newspaper said, citing an unidentified Phosagro official.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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