OAO Raspadskaya (RASP) jumped to the highest in a week after a venture between its management and Evraz Plc (EVR), the steelmaker part-owned by billionaires Roman Abramovich and Alexander Abramov, agreed to sell 6.2 percent in the Russian coal producer’s buyback.
Corber Enterprises Ltd., which controls about 80 percent of Raspadskaya, signed an agreement to sell back 48.4 million shares for 7.25 billion rubles ($249 million), the coal producer said today in a regulatory filing.
Raspadskaya shares rose as much as 2 percent to 118.85 rubles, the highest intraday level in a week, after the coal producer gave the update on its buyback, and traded up 0.8 percent at 117.38 rubles by 2:55 p.m. in Moscow.
Raspadskaya received legitimate bids for 129 percent of its outstanding stock in a buyback program that ended Jan. 31. The coal producer, which had offered to repurchase about 10 percent of its stock at 150 rubles a share, agreed to buy back 7.74 percent of the amount each investor tendered, according to a statement on Feb. 6.
Corber is selling about 1 percentage point less than was expected, George Buzhenitsa, a Deutsche Bank AG analyst in Moscow, said by phone today. That may be because of the overbidding, he said.
Tatiana Drachuk, a Evraz spokeswoman, declined to comment, while Alexander Andreyev, Raspadskaya’s spokesman, wasn’t available when called by Bloomberg on his mobile phone.
To contact the reporters on this story: Yuliya Fedorinova in Moscow at firstname.lastname@example.org; Ilya Khrennikov in Moscow at email@example.com
To contact the editor responsible for this story: John Viljoen at firstname.lastname@example.org