Russian agriculture firm Phosagro plans to raise at least $500 million (350 million euros) in a public offering on the London and Moscow exchanges next month, the company said in a statement. The offering implies a company valuation of $4.8 billion to $6.1 billion, Phosagro said, putting it just behind Russia\'s second-biggest potash producer Silvinit. With the industry consolidating worldwide, Silvinit will next month merge with Russia\'s biggest producer Uralkali. Phosagro, whose chief Vladimir Litvinenko is a close ally of Prime Minister Vladimir Putin, has received permission to float up to 21.35 percent of its shares as Global Depository Receipts (GDRs) outside Russia. Late last year, Phosagro announced plans to make a rival bid for the world\'s biggest fertilizer maker Potash Corp to counter a hostile offer made at the time by mining giant BHP Billiton. That attempt failed, but the Uralkali alliance has been mentioned as a possible taker of a stake in the main potash producer of Belarus. The importance of potash fertilizer has grown over the last years owing to mounting demand for food in the world and rapidly-expanding China is a major importer of the product.
GMT 09:54 2018 Tuesday ,23 January
Davos-bound bosses very upbeat on world economyGMT 09:37 2018 Tuesday ,23 January
Former KPMG executives charged in accounting oversight scamGMT 22:49 2018 Sunday ,21 January
Brexit special trade agreement possibleGMT 22:46 2018 Saturday ,20 January
China economy rebounds in 2017 with 6.9% growthGMT 22:37 2018 Saturday ,20 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 19:58 2018 Saturday ,20 January
Watchmakers hope to make Chinese market tickGMT 19:54 2018 Saturday ,20 January
US shutdown unlikely to harm debt rating: FitchGMT 19:50 2018 Saturday ,20 January
EU's Moscovici slams Ireland, Netherlands as tax 'black holes'Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor