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PhosAgro Sets Price Guidance at $14 in London Share Sale

OAO PhosAgro offered global depositary receipts at $14, according to terms sent to investors today, in a sale valued at about $490 million.

Bank of America Corp.’s Merrill Lynch, Citigroup Inc., Credit Suisse Group AG, Raiffeisen Bank International AG, Renaissance Capital Holdings Ltd., Sberbank CIB and VTB Capital are managing the sale, PhosAgro said in a statement yesterday.

A group of companies controlled by Andrey Guryev and his family is offering at least 11.1 million shares, including global depositary receipts and local shares in Moscow, the statement said.

The terms today did not break out the number of Moscow shares and global depositary receipts in the offering. PhosAgro’s Moscow-listed shares fell 4.57 percent to close at 1316.90 rubles ($42.44).

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