OREANDA-NEWS. February 07, 2011. OJSC Uralkali ("Uralkali" or the "Company") announce that the proposed combination of Uralkali with OJSC Silvinit ("Silvinit") had been approved by shareholders of both companies voting at their Extraordinary General Shareholders Meetings held on 4 February 2011.

The Proposed Combination, which will create one of the world’s leading potash companies, is expected to be completed in May, subject to receipt of required governmental and regulatory approvals.

At the Uralkali Extraordinary General Shareholders Meeting held on 4 February 2011, Uralkali shareholders representing 98,9% of the votes cast at the meeting voted to approve the statutory merger of Uralkali and Silvinit. Uralkali shareholders also approved the proposed acquisition by Uralkali of an approximately 20 per cent. stake in Silvinit and financing required to finance the acquisition. At the Silvinit Extraordinary General Shareholders Meeting held on 4 February 2011, Silvinit shareholders representing 90,9% of the votes cast at the meeting voted to approve the statutory merger, and also voted to approve the related merger agreement to be entered into to implement the merger.

Commenting on the shareholder approval of the Proposed Combination, Pavel Grachev, Chief Executive Officer and member of the Board of Directors of Uralkali, said:

"We are pleased that the shareholders of both companies have overwhelmingly recognized the compelling rationale underlying the merger. We are excited about the creation of a leader in the global potash sector and the opportunities that will arise in this highly dynamic industry for the Combined Group."

Commenting on the shareholder approval of Proposed Combination, Vladislav Baumgertner, Chief Executive Officer and member of the Board of Directors of Silvinit, said:

"The Board of Silvinit is pleased to see that the shareholders of both companies have strongly endorsed the logic of the merger, and the Board, Management and Employees of Silvinit look forward to working together with our colleagues at Uralkali to achieve the strategic ambitions of the Combined Group."