Norimet Limited, a 100-percent subsidiary of the Russian mining and smelting company Norilsk Nickel, has completed the acquisition of a 5-percent stake in Stillwater Mining Company, sources in Norilsk Nickel reported to RBC. The shares were bought for $7.5 per share.
According to the final calculations of the Bank of New York, 33.88m shares were proposed for selling, and Norimet Limited bought 4.35m, i.e. about 12.8 percent of the total number of shares offered. The Bank of New York will make the necessary payments without delay and return the rest of the shares offered for selling to their owners.
Norimet Limited's bid was made in compliance with a bargain-and-sale agreement between Norilsk Nickel, Stillwater and Norimet Limited. Under the agreement, Stillwater issued an additional 45.463m common stocks, i.e. 51 percent in the company's capital, which were purchased by Norilsk Nickel for $100,000 and 877,000 tons of palladium. After the above-mentioned acquisition the Russian company's stake in Stillwater grew to 56 percent.