Evraz puts forward the idea of a merger with Severstal
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.