December 16, 2021
Latham & Watkins is advising the sole
sponsor and joint financial adviser in relation to the potential demerger by
EVRAZ plc, a London listed leading global producer of steel, iron ore and
vanadium, of its metallurgical coal business. The coal business has been
consolidated under PJSC Raspadskaya (RASP), a Moscow listed company, the
largest coking coal producer in Russia and one of the leading coking coal
producers globally. The demerger is a Class 1 transaction under the Listing
Rules and is subject to, among other things, approval of the demerger and
related matters by EVRAZ's shareholders. The gross assets of RASP were valued
at approximately US$2 billion as at 30 June 2021.
The demerger will create two distinct
publicly listed businesses with leading positions in their respective fields,
allowing EVRAZ and RASP to focus on increased transparency over sustainability
performance and goals, and concentrate on their respective sustainability
priorities, growth strategies, and sustainable development.
The Latham team is being led by London corporate partner Chris Horton, Moscow partner David Stewart, and London associate
Koushik Prasad.