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UPDATE 1-Russia's Onexim sells 20 pct stake in Uralkali

Published 2016-07-08, 01:08 p/m
© Reuters. UPDATE 1-Russia's Onexim sells 20 pct stake in Uralkali
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MOSCOW/MINSK, July 8 (Reuters) - Russian businessman Mikhail
Prokhorov's Onexim Group has sold its 20 percent stake in
Uralkali URKA.MM , the world's largest producer of crop
nutrient potash, Onexim said on Friday.
Onexim said it had sold the stake to businesses close to
Dmitry Mazepin, the owner of fertiliser maker Uralchem, which
already has a 20 percent stake in Uralkali. The current market
value of this stake is $2 billion.
Uralchem said in an emailed statement, however, that the
stake was sold to Belarusian businessman Dmitri Lobyak, who has
long worked with Uralchem over its product supplies.
The companies did not provide further details.
Uralkali said it was not part of the deal.
Minsk-born Mazepin and Lobyak were schoolmates, a Belarusian
business source told Reuters.
According to a source familiar with the deal, Onexim
received cash for the stake and also passed the debt taken on to
acquire it to the buyer.
The deal was done at a significant premium to the current
market price, the source said. When Onexim bought the stake in
2013, Uralkali's total market capitalisation was $16 billion
compared with the current $10 billion.
It was not clear how much debt went from Onexim to the
buyer.
According to two banking sources, the deal was financed by
Russia's largest lender Sberbank SBER.MM . Sberbank did not
have an immediate comment.
On Monday, the Vedomosti newspaper reported Prokhorov was
searching for buyers for all of his assets in Russia, quoting
several unidentified sources, but Onexim said the report was
inaccurate.

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