A report in the Russian newspaper, Vedemosti, suggests that the Russian coal miner, Mechel, has agreed to buy the privately-owned American company, Bluestone Coal, for $425 million plus shares. Mechel agreed a $4 billion cash deal last year with Bluestone's owners, the James Justice family.
The paper quoted sources present at a meeting of Mechel's top management and investment bankers in London on Wednesday as saying that Mechel will pay $425 million and issue preferred shares equivalent to 15 percent of its charter capital.
A $424 million deposit has already been paid.
Source: Vedemosti
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