Silvinit buys shares from dissenting shareholders for 48 mln rubles in Uralkali merger deal

Russian fertilizer firm Silvinit has repurchased shares worth 48.25 million rubles ($1.69 million) from shareholders opposing a $24 billion merger deal with its rival Uralkali to create the world’s second largest potash producer, Silvinit said on Thursday.

The company bought 430 ordinary shares for 11.667 million rubles and 3,470 preferred shares for 36.58 million rubles, Silvinit said.

In February, Uralkali and Silvinit shareholders approved the merger, due to be completed by May 2011. However a court suspended the merger following a suit from rival fertilizer firm Akron, which owned 8 percent of Silvinit’s voting shares, and three other minority shareholders.

Last week, the court removed the last obstacle to the deal unblocking Uralkali’s 600 million ruble share issue to be swapped for Silvinit’s ordinary and preferred stock as part of the merger. In the merger’s first stage, Uralkali acquired 20% of Silvinit for $1.4 billion.

MOSCOW, April 21 (RIA Novosti)

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