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EuroChem May Seek Listing on Overseas Stock Exchange to Ease M&A

OAO EuroChem, the largest nitrogen-fertilizer producer in Russia, may seek a primary listing on a foreign exchange after moving its domicile overseas to make it easier to take part in mergers and acquisitions.

“Russian companies aren’t able to get a primary listing of shares on international exchanges, while depositary receipts are not the most convenient thing for mergers and acquisitions,” Vladimir Torin, a EuroChem spokesman, said today by phone, when asked the reason for the redomiciling and whether an overseas listing was possible. “It’s an important option in our sector” to have shares abroad as industry consolidation isn’t complete.

The company said it may switch its base outside Russia in marketing documents released for a planned sale of debt.

Polyus Gold International Ltd., Polymetal International Plc and Evraz Plc shifted to London last year to expand their range of investors and attain a higher valuation. EuroChem, led by billionaire Andrey Melnichenko, is studying registering a parent company in Switzerland, the Netherlands, Cyprus or Luxembourg, according to the prospectus for the international debt sale.

The new parent may get direct access to EuroChem’s gas assets and international business and hold about 70 percent of its current debt, according to a presentation for the offering’s roadshow. A decision hasn’t yet been made, the document showed.

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