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Evraz Stops Negotiations on Sale of Raspadskaya Stake
10/07/2011 - Evraz Group S.A. announces that high market volatility has prompted the company to discontinue its ongoing negotiations on the potential sale of its 40% indirect equity stake in Russian coal producer OAO Raspadskaya.
Evraz Group S.A. announces that high market volatility has prompted the company to discontinue its ongoing negotiations on the potential sale of its 40% indirect equity stake in Russian coal producer OAO Raspadskaya.
“Raspadskaya is a good quality asset and one of the best coking coal producers in Russia,” commented Evraz CEO Alexander Frolov. “Evraz is fully supportive of the managing shareholders of Raspadskaya in the implementation of the Raspadskaya mine restoration program and is confident that this program will realize the full fair value of the asset. “
Evraz had confirmed in early March 2011 that the company was considering options with respect to its 40% indirect equity stake in the OAO Raspadskaya.
“We consider the likelihood of us disposing of our stake in Raspadskaya over the next 12 to 18 months as low for the reasons already stated, although we do not rule out this possibility in the long term,” added Frolov.
