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April 4, 2022

Evraz scraps coal assets’ demerger plan amid Ukraine crisis

Considering Russia-Ukraine conflict, Evraz believes the implementation of demerger of coal assets is ‘technically impossible’.

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Steelmaker Evraz has abandoned its plan to demerge its metallurgical coal assets due to sanctions on Russia for its military attack on Ukraine.

Due to Western sanctions on Russia, the company said it is ‘technically impossible’ to implement its demerger plan, which was proposed in 2021 following a comprehensive review and aimed at focusing on its core steel operations.

In a press statement, Evraz said: “In light of the unprecedented sanctions against Russia and Russian special economic measures in response to sanctions, which were outside of control of the company, execution of the transaction became technically impossible and the decision has been taken not to proceed with the demerger.”

The UK-listed steelmaker’s biggest shareholder is billionaire Roman Abramovich, who is currently facing Western sanctions amid the Russia-Ukraine conflict. Abramovich owns a 28.64% stake in Evraz.

The latest decision comes after the firm indefinitely halted the Russia-based coal assets’ demerger plan last month to seek more clarity on sanctions on Abramovich.

These assets are consolidated under PJSC Raspadskaya (RASP).

Evraz considers Abramovich does not have effective control of the company, making the company neither designated nor sanctioned, reported Reuters.

The firm said in a statement: “As a result, EVRAZ Shareholders registered on the EVRAZ Share Register at the Demerger Record Time will not receive their RASP Shares, the RASP Group will not separate from the EVRAZ Group and will continue to form a part of the EVRAZ Group.

“As long as the RASP Group remains a part of the EVRAZ Group, the Company’s shares will also represent an interest in the RASP Group subject to the company’s listing of shares being restored.”

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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