Regions

Russian tycoon plans to sell USD3.7 billion Uralkali stake- report

September 13
3:35 PM 2013

Several news agencies, as well as a prominent lawyer, confirmed Kerimov would be offering his stake worth USD3.7 billion to investor Vladimir Kogan. 

The shares of European and North American potash producers increased after a speculated sale that might led Uralkali to rejoin state owned Belaruskali.

Kerimov was reported to possibly offer to sell his 21.75% stake in Uralkali, which is held by his foundation. The speculation even increased after Uralkali pulled out from Belarus in July. Belaruskali controls 40% of the world's potash.

A second financial source said that Sberbank would likely get involved in any deal.

Kerimov's representatives including Nafta, for Uralkali declined to comment. Representatives for the Russian state bank refused to comment regarding the report. Sberbank Chief Executive German Gref was in Minsk on Friday.

Uralkali shares decreased by 1.8% after the trading closed in Moscow. This put the potash producer's market stake value of USD3.5 billion.

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