Acron Will Postpone LSE Listing

Nitrogen-based fertilizer producer Acron said Tuesday that it would postpone a plan to list Global Depositary Receipts in London, citing difficult market conditions.

The company said in April that it was looking to raise as much as $900 million by floating up to a 10 percent stake on the London Stock Exchange, adding that the proceeds would be spent on modernization of production facilities.

Acron had set a price range for the listing of $12 to $15 per Global Depositary Receipt and $120 to $150 per share.

"We are very confident in our business and our development plans and are committed to increasing Acron's market capitalization," chairman Alexander Popov said in a statement. "Given the current difficult market conditions, it is not in the best interests of the company to proceed with the offering."

Popov said the company, Russia's third-largest fertilizer producer, remained committed to listing in London, although he did not specify when that might now take place.

Shares of Acron closed down 10.5 percent on the RTS, replicating Friday's performance, when they plummeted 12 percent to just under $100 on an overall bad day for the Russian markets. It dropped 13.2 percent on the MICEX.

Russian markets have taken a beating in the last few days, with stocks falling after Prime Minister Vladimir Putin criticized Mechel, wiping dozens of billions of dollars off share prices.