Thursday July 24, 08:43 AM
Evraz in merger talks with Ukraine's Donbass - paper
MOSCOW, July 24 (Reuters) - Russian steel maker Evraz Group <HK1q.L> is discussing a merger with Ukraine's Industrial Union of Donbass that would create one of the world's top five steelmakers, the Kommersant daily reported on Thursday.
If the merger takes place the combined company would be worth $50 billion, the paper said.
The paper quoted unidentified sources in Russian and Ukrainian investment banks as saying that Evraz shareholders, including Russian billionaire Roman Abramovich, would get control of the merged company.
'Evraz has already completed the financial and production audit of all metal assets of IUD (Industrial Union of Donbass),' the paper quoted Pyotr Antropov, the executive director of KBC Securities, a Ukrainian investment firm which owns a minority stake in one of IUD's subsidiaries.
'According to our information, the deal should soon close,' Antropov was quoted as saying. Kommersant said Credit Suisse was advising the deal.
Evraz was not immediately available for comment.
Evraz Group, listed in London, operates three large steel mills in Russia and has been expanding abroad in South Africa, the United States, Canada, Ukraine and China.
It has a market value of around $34 billion.
(Reporting by Maria Kiselyova; Editing by Clarence Fernandez)
Keywords: EVRAZ DONBASS/MERGER
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