Norilsk To Sell 37 Million Stillwater Shares For Almost $722 Million

Date : 12/08/2010 @ 10:12AM
Source : Dow Jones News
Stock : Stillwater Mining Company ($0.01 Par Value) (SWC)
Quote : 18.0  0.0 (0.00%) @ 2:05AM

Norilsk To Sell 37 Million Stillwater Shares For Almost $722 Million

Stillwater Mining (NYSE:SWC)
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U.S. platinum producer Stillwater Mining Co. (SWC) Wednesday said its main shareholder, Norilsk Nickel, is selling 37 million shares in the company for almost $722 million.

The shares are being sold by Norimet Ltd., a unit of Norilsk Nickel Mining & Metallurgical Co. (GMKN.RS) and Stillwater's majority shareholder, for $19.50 each, Stillwater said in a statement.

Norimet has also agreed to sell 7,840,000 additional shares of the company's common stock to UBS Securities LLC or an affiliate, it said.

Credit Suisse Securities, J.P. Morgan Securities, UBS Securities and VTB Capital are book-running managers for the sale.

Stillwater is the only U.S. producer of palladium and platinum, and is the largest primary producer of platinum group metals outside of South Africa and Russia.

-By Rhiannon Hoyle, Dow Jones Newswires; +44 (0)20 7842 9405; rhiannon.hoyle@dowjones.com

 
 

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