Evraz opens tender to complete NTMK takeover

The Russian steel producer Evraz Group (Evraz) has announced that it has commenced a cash tender offer, through its solely-owned subsidiary Manstercroft Limited, to buyout the remaining five percent stake in Nizhnytagil Iron and Steel Works (NTMK). Currently Manstercroft Limited holds approximately a 95 percent stake in NTMK and has offered to purchase the remaining five percent stake from the company's minor shareholders for a total of Ruble 4.18 billion ($160 million). The tender offer is valid till May 29, 2007.