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Sibur Eyes PhosAgro Shares

By The Moscow Times

June 26, 2011

Sibur Holding is considering buying stock in PhosAgro, which plans to sell shares in an initial public offering next month.

The board will discuss a stock purchase at a June 28 meeting, Sibur said Friday in a regulatory filing. Sibur said it might buy shares or Global Depositary Receipts in PhosAgro.

Sibur is looking at investments in fertilizer producers to boost the value of its own unit, which may later be spun off or sold, spokesman Rashid Nureyev said Friday. The Sibur-Minudobreniya unit accounts for 6 percent of Russia's nitrogen fertilizers.

(Bloomberg)

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