Norilsk To Sell 37 Million Stillwater Shares For Almost $722 Million
December 08 2010 - 10:12AM
Dow Jones News
U.S. platinum producer Stillwater Mining Co. (SWC) Wednesday
said its main shareholder, Norilsk Nickel, is selling 37 million
shares in the company for almost $722 million.
The shares are being sold by Norimet Ltd., a unit of Norilsk
Nickel Mining & Metallurgical Co. (GMKN.RS) and Stillwater's
majority shareholder, for $19.50 each, Stillwater said in a
statement.
Norimet has also agreed to sell 7,840,000 additional shares of
the company's common stock to UBS Securities LLC or an affiliate,
it said.
Credit Suisse Securities, J.P. Morgan Securities, UBS Securities
and VTB Capital are book-running managers for the sale.
Stillwater is the only U.S. producer of palladium and platinum,
and is the largest primary producer of platinum group metals
outside of South Africa and Russia.
-By Rhiannon Hoyle, Dow Jones Newswires; +44 (0)20 7842 9405;
rhiannon.hoyle@dowjones.com
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