PhosAgro, one of the world’s leading phosphate fertilizer producers, has signed a deal to buy a 20 percent state stake in apatite concentrate maker Apatit, PhosAgro said on Monday.
PhosAgro, the world’s third largest producer of ammophose and diammonium phosphates and apatite concentrate, offered the highest price of 11.11 billion rubles ($360 million) for the state package of 26.67 percent of ordinary shares or about 20 percent of the authorized capital of Apatit at a September 4 tender.
“We are extremely pleased to have won the contest for this strategic asset and avoid a potential conflict with other shareholders,” PhosAgro CEO Maxim Volkov was quoted as saying in a statement.
Russian fertilizer maker Uralchem, PhosAgro and the Renova group of companies and Trust National Bank were among other bidders for the Apatit state stake.
Apatit accounts for 75 percent of apatite concentrate production in Russia.