TMK Sent a Request to Buy Out the Remaining Stake in PJSC “ChelPipe”
On August 12, 2021, Pipe Metallurgical Company (TMK) sent a request for a mandatory redemption from minority shareholders of the remaining share of PJSC “ChelPipe” securities.
2.3679% of shares of PJSC “ChelPipe” are subject to mandatory redemption. TMK will purchase securities at a price of RUB 318.26. per share. The register of owners of securities subject to redemption will be compiled as of September 27, 2021. Based on the results of the mandatory buyout, TMK plans to acquire 100% of shares in PJSC “ChelPipe” by the end of 2021.
In March 2021, TMK completed a deal to acquire 86.54% of shares in PJSC “ChelPipe”. In April, the company sent a mandatory offer to acquire the remaining securities from minority shareholders and, as a result of this procedure, bought out more than 11% of shares in PJSC “ChelPipe”, increasing its stake to 97.6321%.
