London, 15 December 2005 – LAWFUEL – The Law News Network – Debevoise & Plimpton LLP’s London and Moscow offices advised OJSC Novolipetsk Steel on the secondary offering by its controlling shareholder of shares and Global Depositary Shares, and the admission of the company to the Official List and to trading on the London Stock Exchange. The offering, which completed on 14 December 2005, was at $1.45 per ordinary share ($14.50 per Global Depositary Share), for a total offer size of $609 million (or $700 million assuming full exercise of the associated over-allotment option), and implies a market capitalisation of the company of $8.7 billion.
The Debevoise team was led by partners James Scoville and Peter Schuur in London, and Dmitri Nikiforov in Moscow. Also included were London-based international counsels Christopher Mullen and Vera Losonci and associate Colin Scagell, Moscow-based associates Anton Batirev, Maxim Kuleshov and Robert Manson, and U.S.-based associate Gabriela Palmieri.
UBS Limited and Merrill Lynch International acted as Joint Bookrunners for the Global Offer, while Alfa Capital Markets acted as Co-Lead Manager.
Linklaters advised the Joint Bookrunners and the Co-Lead Manager. Reznik Gagarin Abushakhmin & Partners acted as Russian counsel to the company and selling shareholder.