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Metinvest to acquire US’ United Coal

Metinvest to acquire US’ United Coal

17 October 2008

Metinvest Group agreed to acquire United Coal, the leading coking coal producer in the US, for USD ~2.5 bln, mergermarket reported yesterday, citing sources familiar with the situation. The deal was reportedly agreed to several weeks ago, but yet to be formally announced. Andriy Gerus: As we expected (see our Azovstal Flash Note of October 13), Metinvest is active on the M&A front. Azovstal’s (AZST: BUY) dividend payout (shareholders will vote on the allocation of the company’s USD 1.1 bln retained earnings at their AGM on October 25) could be a mechanism to transfer cash to Metinvest B.V. to pay for the United Coal acquisition. With this takeover, Metinvest would be fully self-sufficient in coking coal, increasing its met coal production by 80% to 16.6 mln mt p.a.; this news is positive for the main group’s coke asset, Avdiyivka Coke, which will secure supplies of high grade coking coal.

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