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Evraz Closes First Stage of Ukrainian Assets Acquisition
04/15/2008 - Evraz Group completes the first stage of its acquisition of selected production assets in Ukraine, including greater-than-90% shareholding in the Dnepropetrovsk Iron and Steel Works and the Sukhaya Balka iron ore mining and processing complex.
Evraz Group SA has completed the first stage of its previously announced acquisition of selected production assets in Ukraine.
For a cost in excess of US$1,000 million, Evraz has closed the acquisition of 51.4% of the shares of Palmrose Limited, a Cyprus-based holding company. With the transaction, Evraz will acquire the following assets in Ukraine:
- A 99.25% share holding in the Sukhaya Balka iron ore mining and processing complex
- A 95.57% share holding in the Dnepropetrovsk Iron and Steel Works
- Share holdings in three coking plants:
- 93.74% of Bagleykoks
- 98.65% of Dneprkoks
- 93.83% of shares outstanding of Dneprodzerzhinsk Coke Chemical Plant
Evraz had transferred the amount payable to the seller in December 2007.
The company said that the next stage of the transaction, which implies issuance of new shares in Evraz, is subject to legal requirements in Luxembourg, and is expected to be completed soon thereafter. The company said it will make an announcement as to the final completion date and terms.
