Uralkali Rises as Regulator Approves Merger With Silvinit
By Jack Jordan - Apr 4, 2011 9:13 AM MT Mon Apr 04 15:13:57 GMT 2011
OAO Uralkali (URKA) climbed to its highest level since August 2008 after gaining Russian antitrust approval to create the world’s largest potash producer with OAO Silvinit.
Uralkali’s shares rose 0.3 percent to 241.01 rubles by the 6:45 p.m. close in Moscow. The company fulfilled the conditions set by the Anti-Monopoly Service, including setting “consistent” prices for different groups within Russia, it said in a statement today.
Uralkali agreed to buy Silvinit in a cash and share offer in December and expects to complete the transaction by the end of the second quarter. The two produced a combined 10.3 million metric tons last year, according to their financial results. Potash Corp. of Saskatchewan Inc. produced 8.6 million tons in the same period, while Mosaic Co.’s output was 7.2 million tons in the year ended November, the latest period available.
