Uralkali Owners Said to See Sale Accord as Early as Next Week
By Yuliya Fedorinova & Irina Reznik - Nov 15, 2013 2:31 PM GMT+0100 .
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Billionaire Suleiman Kerimov and his business partners, who jointly control about 33 percent of OAO Uralkali, may reach an agreement to sell the stake as soon as next week, four people with knowledge of the situation said.
Billionaire Mikhail Prokhorov’s Onexim Group is the front-runner to take control of the world’s largest potash maker, while it may later bring in partners, the people said, asking not to be identified because the talks are private. The stake has a value of about $5 billion based on today’s share price.
Discussions with other possible bidders will continue until a binding sale agreement is signed, the people said.
A sale may defuse a dispute between Russia and Belarus sparked by Uralkali’s July withdrawal from a trading venture that marketed 40 percent of export shipments in the $20 billion global market for the soil nutrient. Belarus called for a change in Uralkali’s ownership, or a retreat from the Russian company’s plan to boost production and cut prices, before considering a reconciliation.
Kerimov and billionaire partners Filaret Galchev and Anatoly Skurov began receiving offers from potential buyers after Belarus arrested Uralkali Chief Executive Officer Vladislav Baumgertner in Minsk on Aug. 26. That was a month after the Russian potash producer abandoned its joint venture with Belarus.
The CEO was moved from Minsk’s KGB prison to a rented apartment on Sept. 26 amid reports that Kerimov was in talks to sell his stake. His arrest was extended for an additional two months on Oct. 28.
Should the deal be completed, Onexim may seek partners and had contact with OAO Uralchem owner Dmitry Mazepin about it, two of the people said.
Anton Averin, a spokesman for Kerimov’s Nafta Moskva, and Andrey Belyak, a spokesman for Onexim, each declined to comment by phone. Alan Basiev, a spokesman for Uralchem, also declined to comment.
The new owner will have a 38 percent stake in Uralkali after the company fulfills its promise to cancel about 12.4 percent of stock held as treasury.
The sooner Kerimov sells, the better for Uralkali, as the company needs some certainty for its future, Elena Sakhnova, an analyst at VTB Capital, said.
Uralkali shares gained 3.3 percent to 172.22 rubles by 5:24 p.m. in Moscow, the highest on a closing basis in 10 days.
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