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30 Jun 2010 17:27
OAO Severstal
OAO Severstal sells 50.8% of Lucchini S.p.A. to a Company controlled by Alexey Mordashov
30 June, 2010. OAO Severstal (LSE: SVST; RTS: CHMF), one of the world's leading steel and mining companies, announces that today it has completed the sale of 50.8% of Lucchini S.p.A. to a Company controlled by Alexey Mordashov for a consideration of one euro. On May 14th, 2010 OAO Severstal announced that as at 31st March 2010 Lucchini S.p.A. was classified as held for sale and was presented as a discontinued operation in the Company's accounts.The transaction will protect the interests of OAO Severstal's shareholders, improve the Company's financial stability, provide additional flexibility for the Lucchini S.p.A. sale process and for the negotiation of amendments to the terms of Lucchini's credit agreements.
Following closing of the deal, Mr. Mordashov becomes the controlling shareholder of Lucchini S.p.A. with full power to direct its management and policies. As part of the transaction, OAO Severstal retains the right to re-acquire the stake from Mr. Mordashov for one euro. In addition, any gain Mr. Mordashov may realize on a subsequent sale of this 50.8% stake to a third party will be transferred to OAO Severstal.
For further information:
Severstal
Dmitry Druzhinin, Investor Relations
Olga Antonova, Public Relations
+7 495 926 7766
Hudson Sandler
Andrew Hayes/Jessica Rouleau/Maria Ignatova
+44 (0)20 7796 4133
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