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1200 GMT 17Aug2010
Russian potash giants surge as sector hots up
Shares in Russian potash giants Uralkali and Silvinit surge in Moscow after Canada's Potash Corp rejects a $38.6 billion offer from BHP Billiton -- fuelling takeover speculation across the sector.
Uralkali shares are up 4.5 percent while Silvinit gain 2.3 percent. The broader MICEX index is up 1.0 percent
'It shows again that this sector is valued attractively by investors,' Uralsib analyst Anna Kupriyanova says. 'The valuation sets a benchmark for other producers such as Uralkali and Silvinit.'
The two Russian companies are in the midst of a merger that could account for 45 percent of global production. Rio Tinto and Potash Corp are keen to get a slice of the deal, sources say..
(Reporting by Alfred Kueppers; editing by John Bowker)
john.bowker@thomsonreuters.com
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Stocks on the move Real-time Equity News
REGIONAL INDICES
Warsaw WIG20 Bucharest Beti
Budapest SE Index Prague PX
Zagreb Crobex Sofia Sofix
Ljubljana SBI20 Istanbul ISE National 100
Moscow RTS Moscow MICEX
1200 GMT 17Aug2010
Russian potash giants surge as sector hots up
Shares in Russian potash giants Uralkali and Silvinit surge in Moscow after Canada's Potash Corp rejects a $38.6 billion offer from BHP Billiton -- fuelling takeover speculation across the sector.
Uralkali shares are up 4.5 percent while Silvinit gain 2.3 percent. The broader MICEX index is up 1.0 percent
'It shows again that this sector is valued attractively by investors,' Uralsib analyst Anna Kupriyanova says. 'The valuation sets a benchmark for other producers such as Uralkali and Silvinit.'
The two Russian companies are in the midst of a merger that could account for 45 percent of global production. Rio Tinto and Potash Corp are keen to get a slice of the deal, sources say..
(Reporting by Alfred Kueppers; editing by John Bowker)
john.bowker@thomsonreuters.com
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.