Evraz has changes partner in South Africa
Edited by Rhod Mackenzie / 2014-08-14 05:09:51
Macrovest has purchased a stake in HSV.
Evraz hasn’t managed to agree with Nemascore (South African Republic) on the sale of 85% of the shares in Highveld Steel&Vanadium (HSV) to it. Evraz managed to only attract a minority partner represented by the unpopular local company Macrovest. In the framework of the deal HSV was assessed only at $80 mlny – by about 20 times cheaper than Evraz paid in 2006-2007 and by 4 times cheaper than the price that was determined for Nemascore but almost 24% more expensive than its current market capitalization. So Evraz and analysts consider even such a deal to be quite successful in the current conditions.
