OREANDA-NEWS. August 2, 2007. In July 2006, Anglo American, Evraz and Credit Suisse announced an agreement in relation to the sale by Anglo American of its shares in Highveld, whereby Evraz and Credit Suisse each acquired 24.9% of Highveld's share capital from Anglo American.

The agreement provided Evraz with an option to increase its stake in Highveld, subject to regulatory approvals by purchasing Anglo American's remaining 29.2% shareholding as well as the 24.9% holding of Credit Suisse through separate option agreements.

In May of this year Evraz announced the purchase Anglo American's 29.2% stake in Highveld, pushing its holding in the company to around 54.1% and triggering mandatory offer for the remainder of the shares.

Evraz launched its mandatory share purchase offer in June, and has since extended the offer deadline to August 6.

In early July Evraz said it had formally begun the process of disposing of some of Highveld's vanadium assets in accordance with its commitments to the European Commission and the South African Competition Tribunal.

On July 18 Highveld announced the proposed sale of its "non-core" Transalloys manganese alloys unit to a subsidiary of Russia's Renova Group.