13 May 2008
NLMK increases shareholdings in Stoilensky GOK to 100%
NLMK (LSE: NLMK), a leading Russian steel producer, completed the buyout of ordinary shares in OJSC Stoilensky GOK on 8 May, 2008. As previously announced on 14 March, 2008, in accordance with Russian legislation, NLMK posted a mandatory offer to purchase ordinary shares to Stoilensky GOK’s minority shareholders.
As part of the buyout, NLMK acquired 3.02% of Stoilensky GOK’s charter capital, thus obtaining 100% control of the enterprise. The price per purchased share was RUR 24,471.12. The total amount paid for acquired shares was RUR 2,300,138,453.28.
The buyout of Stoilensky GOK shares will boost the efficient management of NLMK’s subsidiaries.