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OAO Severstal sells Controlling Interest in Lucchini to Mordashov
07/06/2010 - OAO Severstal completes the sale of 50.8% of Lucchini SpA to a company controlled by Alexey Mordashov for a consideration of one euro.
OAO Severstal has completed the sale of 50.8% of Lucchini SpA to a company controlled by Alexey Mordashov for a consideration of one euro.
In a published statement, the company said the sales transaction would “protect the interests of OAO Severstal's shareholders, improve the company's financial stability, provide additional flexibility for the Lucchini SpA sale process and for the negotiation of amendments to the terms of Lucchini’s credit agreements.”
After increasing its ownership in Lucchini SpA to 100% in March when it acquired the Lucchini family’s 20.2% stake, Severstal later classified the company’s operations as discontinued and held for sale.
Once the deal is closed, Mordashov will become the controlling shareholder of Lucchini SpA, with full power to direct its management and policies. OAO Severstal retains the right to re-acquire the stake from Mordashov for one euro, and will also receive any gain Mordashov may realize on a subsequent sale of the 50.8% stake to a third party.
Lucchini SpA, a European leader in high quality and specialty long products, joined OAO Severstal in April 2005. OAO Severstal reached 100% ownership in Lucchini SpA in March 2010.
