PPF Investments sold its stake in Oriel

May 19, 2008

PPF Investments sold its stake (19.5%) in Oriel Resources, the UK AIM listed company which owns Russian smelter and Kazakh chrome and nickel mines, to Mechel OAO at the end of April 2008. The integrated mining and metals group Mechel OAO publicly announced the intention to acquire the entire issued share capital of Oriel in March 2008. Under the terms of this offer, Oriel shareholders would receive GBP 1.0997 per share.