Nov. 18, 2013, 4:12 AM
- Russian billionaire Mikhail Prokhorov - owner of the Brooklyn Nets - has agreed to acquire a 21.75% stake in Uralkali (URALL), the world's biggest potash miner, from the company's main owner, Dagestani tycoon Suleyman Kerimov.
- Kerimov and his partners own a third of Uralkali, while China Investment Corp, China's sovereign wealth fund, purchased a 12.5% holding in September.
- Uralkali caused turmoil in the potash markets after it ended its joint venture with Belarusian state-owned miner Belaruskali in July. The JV, called Belarusian Potash Co, controlled around 40% of the global market and so had a major influences on prices.
- Following the breakup, Belarus arrested Uralkali CEO Vladislav Baumgertner in August, since when he has been in jail or under house arrest. (Previous)
- Related tickers: POT, MOS, AGU, SQM, IPI.
- Related ETFs: MOO, CROP, PAGG, VEGI.
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