Two companies controlled by Russian billionaire Suleiman Kerimov have announced plans to combine operations in an $8.1 billion merger that will create the world’s second-largest producer of potash after the Potash Corporation of Saskatchewan. Potash is an increasingly valuable ingredient used to make fertilizers amongst other products.
OJSC UralKali announced on Monday that it would acquire rival JSC Silvinit for $8.1 billion in cash and stock. Both companies are based in the Russian city of Perm and owned by Kerimov, an oligarch who was reelected to Russia’s upper house of parliament in 2008. The announcement comes only a few days after another major natural resource merger saw eight firms land roles on a $1.2 billion deal that gives Russia’s nuclear industry access to African uranium.
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