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Acron Advances in Moscow on Proposal to Cancel 15% of its Shares

Dec. 28 (Bloomberg) -- OAO Acron, 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.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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