One of Russia's largest steel and mining companies, Evraz, has announced that through its subsidiaries it is opening mandatory offers to buy all outstanding shares of common stocks in its steel mills NTMK and ZapSib, in its iron ore mining and processing companies KGOK and VGOK, and also in Nakhodka Commercial Sea Port (NMTP).
A shareholder who possesses more than 95 percent of stocks in a company has the right to make a mandatory offer to minor shareholders in the company for the purchase of their stakes, thus increasing its own total share to 100 percent.
The offers in question will be initiated on August 14, 2007 and be valid for 45 days.
Upon the closure of the offers, the minor shareholders will receive Ruble 63.72 ($2.5) per share in NTMK, Ruble 5,604.57 ($215.7) per share in ZapSib, Ruble 101.90 ($4) per share in KGOK, Ruble 6.02 ($0.24) per share in VGOK and Ruble 33.00 ($1.29) per share in NMTP.
Payments for the shares will be made within 25 days after the closure of the offers.
Following the closure of the offers, Evraz expects to possess 100 percent stakes in the above-mentioned companies, thus incorporating these companies into the holding.