21st Nov 2011 11:45
For Immediate Release 21 November 2011
PhosAgro acts as guarantor to resolve dispute between participants in Nordic Rus Holding, owner of 10.3% of Apatit ordinary shares
Moscow - PhosAgro ("the Company"), a leading global vertically integrated phosphate-based fertilizer producer, announces that it participated in reaching the settlement agreement that ended the dispute between the owners of Nordic Rus Holding. Nordic Rus Holding owns 7.73% of the share capital (10.3% of ordinary shares) of PhosAgro subsidiary Apatit.
Today Acron announced that it has reached a settlement agreement with Yara International, bringing an end to the companies' dispute over the Nordic Rus Holding joint venture in the Arbitration Institute of the Stockholm Chamber of Commerce.
Commenting on the transaction, PhosAgro CEO Maxim Volkov said: "we are pleased that PhosAgro's role as a guarantor made it possible to resolve this long-running dispute between the participants of Nordic Rus Holding, which owns a significant stake in Apatit."
As a result of the settlement between Acron and Yara International, 51% of Nordic Rus Holding is now owned by Phosint Limited, which is affiliated with PhosAgro Group (PhosAgro owns 49% of Phosint Limited). Currently, the purchase of the remaining 49% of Nordic Rus Holding is under consideration.
For further information please contact:
OJSC "PhosAgro"+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:CommunicationsUKStuart Leasor+ 44 20 7920 2317RussiaSam VanDerlip+7 495 663 8005Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock, as well as ammonia and nitrogen-based fertilisers. In 2010, the Group was the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China) according to Fertecon. PhosAgro controls approximately 2.1 billion tonnes of high quality apatite-nepheline ore resources, which translates to over 75 years of production. The Group's strategic aim is to reinforce its position as a leading integrated global producer of fertilisers and to enhance overall value for its shareholders through increasing fertiliser and feed phosphate production capacities, utilising the full potential of its apatite-nepheline ore reserves base and continuing to improve operational flexibility and efficiency. PhosAgro is listed on the MICEX stock exchange (MICEX: PHOR) with its global depositary receipts listed on the London Stock Exchange (PHOR LI). The Group had revenues of approximately $2.5 billion in 2010 with EBIDTA of approximately $674 million. PhosAgro employs approximately 25,000 people.
For further information on PhosAgro please visit: www.PhosAgro.com
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