EVRAZ currently owns a 50% interest in Corber and expects the acquisition of the remaining 50% to be completed by the end of 2012.
The mining company will issue 132.7 million shares at 9.9% share capital and pay $1,949.80 in cash for each of Corber’s 103,600 ordinary shares in four installments alongside issuing subscription for 33.9 million new shares at 2.53% of its share capital.
EVRAZ CEO Alexander Frolov remarked that the acquisition reinforces the company’s growth strategy in steelmaking by increasing the company’s coking coal self-coverage.
"We believe that the acquisition of Raspadskaya will generate substantial operational synergies to EVRAZ, including the optimal use of different coal grades in the combined portfolio," Frolov added.
The transaction is subject to regulatory approvals and will give EVRAZ a 82% stake in Raspadskaya.
