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Onexim sells Uralkali stake

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Onexim sells Uralkali stake

Onexim Group has sold its 20% stake, which has a market value of US$2 billion, inpotash producer PJSCUralkali, Reuters reported July 8.

Onexim said the stake was bought by Dmitry Mazepin, theowner of fertilizer maker Uralchem, which already holds 20% of Uralkali.

Meanwhile, Uralchem told Reuters that the stake was insteadbought by Dmitry Lobyak, which has worked with Uralchem over its productsupplies.

Mazepin and Lobyak were schoolmates, a Belarusian businesssource told Reuters.

According to a source familiar to the deal, Onexim receivedcash for the stake sale and passed the debt taken on to acquire it to thebuyer, who purchased the interest at a significant premium to the currentmarket price.

Meanwhile, banking sources told Reuters that Russia'sbiggest lender Sberbank financed the deal.