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Severstal Stocks Sold to Subsidiary
Severstal Overseas Limited bought 156,040 GDRs of Severstal at $13.65 per a GDR September 19, 2008, Interfax announced with reference to the company’s statement. The deal budget reached $2,129,946.
Severstal announced September 16 the launch of the project for buying back the stocks for the total worth of up to $400 million, which corresponds to 2.8 percent of the stock capital. The stocks are acquired at $14.04 per a GDR, i.e. at the price of the LSE close on September 15.
The stocks and GDRs will be bought out by one of Severstal subsidiaries on behalf of Severstal. The operation will last from six to ten months depending on the market quotes of the stocks and GDRs and on the general market opportunities.
Steel blockbuster Severstal has assets in Russia, North America, Europe and Ukraine. Its key beneficiary is General Director Alexei Mordashov, who owns more than 82 percent of the stocks. The free float accounts for roughly 18 percent.
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