Tensions in a row at Uralkali the world’s largest potash miner over the collapse of a sales cartel have eased. Russian tycoon Mikhail Prokhorov has agreed to buy Suleiman Kerimov’s 21.75 percent stake.
The company’s shares rallied 2.6 percent on the news extending gains made at the end of last week on speculation a deal was imminent.
The ongoing dispute between Russia and Belarus was sparked by Uralkali’s withdrawal in July from a partnership that marketed 40 percent of global potash exports.
Belarus called for a change in the company’s ownership before a reconciliation was possible. Prokhorov’s investment firm said it would complete the transaction shortly but did not disclose details of the deal.