OREANDA-NEWS. February 07, 2014. PhosAgro is continuing with the consolidation of a minority interest in its core assets: the company has made an offer to shareholders of PhosAgro Cherepovets (the entity was established as a result of a merger of Ammophos and Cherepovetsky Azot, both controlled by PHOR). We believe that the event is positive for PhosAgro from the corporate governance perspective, as it increases the income basis for dividends, which was expected.

We note that the buy-out price is RUB 40.9, which is 5.5% higher than Mcap of PhosAgro Cherepovets based on the last deals with Ammophos and Cherepovetsky Azot.

PhosAgro is continuing with the consolidation of a minority interest in its core assets: the company has made an offer to shareholders of PhosAgro Cherepovets (the entity was established as a result of a merger of Ammophos and Cherepovetsky Azot, both controlled by PHOR). We believe that the event is positive for PhosAgro from the corporate governance perspective, as it increases the income basis for dividends, which was expected. We note that the buy-out price is RUB 40.9, which is 5.5% higher than Mcap of PhosAgro Cherepovets based on the last deals with Ammophos and Cherepovetsky Azot.