Acron and Yara International ASA have reached a settlement agreement that brings an end to the dispute regarding Nordic Rus Holding and terminates proceedings at the Arbitration Institute of the Stockholm Chamber of Commerce.
Under the terms of the settlement agreement, in exchange for its 51% interest in Nordic Rus Holding, Acron Group (Acron’s subsidiary Granit) acquired Nordic Rus Holding’s interest in Dorogobuzh (11.76% of the authorised capital) and a 3.72% stake in JSC Acron.
As a result, Granit’s total share in the authorised capital increased to 12.42% from 8.7% in Acron and to 24.26% from 12.5% in Dorogobuzh.
Commenting on the outcome, Chairman of the Board of Directors Alexander Popov said “both sides are satisfied that, after several years of arbitration proceedings, we have managed to achieve the necessary level of mutual understanding to find a compromise and settle the Nordic Rus Holding dispute.”