Cbank says Rinsoco Trading bid to buy 13.2% in Uralkali improper

MOSCOW, Mar 13 (PRIME) -- The central bank has ruled that Rinsoco Trading Co. Limited’s bid to buy 13.2% in fertilizer producer Uralkali is inappropriate, the regulator said in a statement on Wednesday.

Rinsoco Trading, owned by businessman Dmitry Lobyak, filed the bid in late February, and the company planned to buy 387,838,836 shares in Uralkali.

In December 2018, Russia’s top bank Sberbank said that subsidiary Sberbank Investments acquired a 10.18% stake in Uralkali from Rinsoco Trading, which retained direct control over another 10.18% stake in Uralkali.

The other core shareholder of Uralkali is fertilizer producer UralChem of Dmitry Mazepin, Lobyak’s partner, with a 20% stake.

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