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Russia's Severstal launches 390 roubles/share buyback
2012年2月29日 / 早上6点13分 / 6 年前

Russia's Severstal launches 390 roubles/share buyback

MOSCOW, Feb 29 - Severstal, Russia’s second largest steelmaker, said on Wednesday that it will buy back 170 million shares at 390 roubles ($13.43) per share in order to cancel them following the separation of its Nord Gold mining asset.

The buyback, worth about $2.28 billion, is necessary because Severstal’s Lybica Holding obtained 193 million Severstal treasury shares as part of the Nord Gold separation, and the steelmaker wants to cancel 170 million of them.

However, the buyback offer is open to all shareholders and acceptances will be pro-rated.

Alexei Mordashov, who controls both Severstal and Nord Gold, will not receive any cash payment through the buyback.

“Lybica will tender all of its Severstal shares (including GDR) into the offer. These would suffice to satisfy the Offer in full,” Severstal said in a statement.

“To the extent that Alexei Mordashov, Severstal’s CEO and majority shareholder, participates in the offer, directly or indirectly, he has committed to transfer all of his pro rata allocation rights in favour of Lybica.”

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