Severstal offers Nord Gold in shareholder-friendly exchange

Severstal, the Russian steel firm, on Wednesday started a process to spin-off its Nord Gold unit, nine months after trying and failing to list the firm through an IPO. Instead, it has chosen to give its minority shareholders the choice to exchange their Severstal shares or GDRs for Nord Gold GDRs which will be listed in London.

  • 02 Dec 2011
Severstal stock fell heavily on the news — down 5.5% on Wednesday and 1.3% on Thursday — with shareholders apparently concerned that they are being squeezed out of the company. But bankers close to Severstal believe that the stock will recover once shareholders understand the transaction. The exchange ...

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