Interfax reported that Russian steel and mining group Evraz, which in August announced plans to sell its North American division, might need additional licenses from the government of the United Kingdom to complete the sale. Evraz North America said “The process of preparing for the sale is permitted by the current general license, but another licenses is expected to be needed to carry out the sale. Such a transaction will require regulatory approval.” While the process of preparing for the sale is continuing, the counterparty, terms and cash component of the transaction have not been determined yet, and this could take several months,. Evraz had said on 10 August that it is launching the process of soliciting proposals for the acquisition of its North American subsidiaries. The sale will allow to unlock the stand-alone value of the North America business. The solicitation process is currently being conducted under the Office of Financial Sanctions Implementation General License INT/2022/1710676 and we are in contact with OFSI as part of this process. The possible transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and will require approval from relevant sanctions authorities, including OFSI.
Interfax reported that Russian steel and mining group Evraz, which in August announced plans to sell its North American division, might need additional licenses from the government of the United Kingdom to complete the sale. Evraz North America said “The process of preparing for the sale is permitted by the current general license, but another licenses is expected to be needed to carry out the sale. Such a transaction will require regulatory approval.” While the process of preparing for the sale is continuing, the counterparty, terms and cash component of the transaction have not been determined yet, and this could take several months,. Evraz had said on 10 August that it is launching the process of soliciting proposals for the acquisition of its North American subsidiaries. The sale will allow to unlock the stand-alone value of the North America business. The solicitation process is currently being conducted under the Office of Financial Sanctions Implementation General License INT/2022/1710676 and we are in contact with OFSI as part of this process. The possible transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and will require approval from relevant sanctions authorities, including OFSI.
