10:48Mineral fertilizers: Russia prolongs export duties, but drops the introduction of export quotas
The Russian government's decision not to introduce export quotas for mineral fertilizers, but to prolong the validity period of export duties is moderately positive for Russian mineral fertilizer producers, since duties are far less significant for companies' profitability than quotas. Given this decision, we consider the shares of Russian mineral fertilizer producers as attractive investment vehicles.
10:47NorNickel to buy out its own shares
At Friday's meeting, NorNickel's board made a decision to buy out 4.1% of the company's own shares at the weighted average price for the last 6 months, i.e. USD 253.8 per share, which implies a 27% premium to the current market valuations. We are generally upbeat on NorNickel's decision to buy out its shares and believe it will have a positive impact on the company's market cap, at least in the short-term.
10:44Severstal to acquire US-based PBS Coals
Severstal is apt to purchase coal assets in the US. The company has already signed an agreement with PBS Coals’ majority shareholders on the acquisition of a 71.5% stake in the company. The purchased asset is far from cheap. However, if the transaction is successfully closed, PBS Coals’ large resource base should enable Severstal to perform quick production expansion and fully cover the coal needs of its North American steelmaking assets.
0.244
0.616
