97.3% of Novoroscement sold, pending FAS approval

97.3% of Novoroscement sold, pending FAS approval
Published: 23 February 2007

Chevre Investments Ltd. of Cyprus purchased 97.29% of Novoroscement, one of Russia’s largest cement producers, Aton Capital quoted Vedomosti as reporting, citing the Federal Anti-Monopoly Service (FAS).

According to the newspaper, Chevre represents the interests of Russian industrialist Lev Kvetnoi. Although the specifics of the deal are unclear, the FAS is typically informed after the terms of a deal have been preliminarily agreed between the buyer and the seller. If the FAS approves the acquisition, Novoroscement’s new owners would be required to offer to buy out minority shareholders at a price set by an independent appraiser.

Novoroscement shares were first listed on the RTS this January, which is not long enough for an average market price to be used (six months of trading data would be required). Novoroscement is currently trading at $59 per common share and $35 per preferred.