Sberbank said Friday that it had been approached by fertilizer maker PhosAgro to provide financing for a possible purchase of Canada’s Potash Corp.
PhosAgro said in November that it would consult with Canada’s government on a bid for Potash Corp. after BHP Billiton withdrew its bid.
“We are working with PhosAgro to study the situation. It is too soon to talk about credit. The talk is just about possible ways to structure a deal,” Sberbank CEO German Gref told reporters.
Analysts have suggested that PhosAgro was too small to make a serious bid for the $40 billion Canadian giant.
Gref also said the optimal level for the bank’s 2010 dividend was 10 percent of net profit, in line with recent years.
Gref said Sberbank was not changing its policy this year because the bank is planning investments updating its technological infrastructure, renovating offices and boosting its first-tier capital.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.