Bloomberg News

Acron Asks BNP Paribas to Amend Terms of Apatit’s 20% Stake Sale

June 06, 2012

OAO Acron, Russian billionaire Viatcheslav Kantor’s fertilizer maker, asked BNP Paribas SA to amend the terms of a government sale of 20 percent of OAO Apatit, a supplier to the producer.

The terms require bidders to gain antitrust approval and a bank guarantee within an “unjustifiably short” period, Acron said in a statement today on its website. Acron asked BNP to amend the terms or delay the sale until September, it said.

Apatit is the main production unit of OAO PhosAgro (PHOR), billionaire Andrey Guriev’s phosphate producer, while Acron buys phosphates from the company to produce complex fertilizers.

PhosAgro, Acron and Uralchem applied to bid for Apatit’s stake, according to the companies. The bidders are required to get antitrust approval for the deal by June 13 and provide a bank guarantee equal to the minimum price for the stake of 10.5 billion rubles ($325 million), BNP said on May 11.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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