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Evraz puts forward the idea of a merger with Severstal

Company News

Evraz puts forward the idea of a merger with Severstal

Tue, 13 December 2011
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Evraz puts forward the idea of a merger with Severstal
Evraz Quote more

Price: 316.40

Chg: -9.60

Chg %: -2.94%

Date: 17:00

FTSE 250 Quote

Price: 20,131.52 Chg: -128.25 Chg %: -0.63% Date: 16:44

The chairman of Russian steelmaker Evraz, Alexander Abramov, would support a merger with its Russian rival Severstal, according to the content of an interview published in today’s Financial Times.

A combination of both businesses, which would have a market capitalization of £12bn, was described by Mr. Abramov as, “a good idea,” while adding that such a ‘tie-up’ would have several advantages.

Mr. Abramov owns 24% of the business, while another 35% belongs to Roman Abramovich.

As of 9:55AM shares of Evraz are falling by 2.9% to the 345.25p mark.

AB