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Phosagro Plans London IPO

Fertilizer producer Phosagro is planning to raise at least $500 million with a London stock market float in June, sources familiar with the company's plans said Friday.

Citi and Renaissance Capital are both working on the Phosagro initial public offering. Phosagro has long had ambitions to float as it jockeys for position in Russia's booming fertilizer market, and on Thursday applied to regulators for permission to have 21.38 percent of its shares listed abroad.

(Reuters)

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