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Mechel to Acquire Gazprombank's Stake in Elga for USD 461 Million

Coal News - Published on Mon, 07 Oct 2019

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Two sources familiar with the matter told Reuters that Russian steel and coal producer Mechel has agreed to buy Gazprombank's 34% stake in the Elga coal deposit for around USD 461 million. Mechel is expected to pay for the stake within the next four months. Mechel accepted Gazprombank's offer to sell the stake in September.

Mechel declined to comment. Gazprombank said in a statement that it expected Mechel to comply with its obligations under the law and signed documentation without commenting further.

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Posted By : Rabi Wangkhem on Mon, 07 Oct 2019
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