PhosAgro share sale fully covered

RUSSIAN fertiliser group PhosAgro has taken enough orders to fully cover its $500m (£312m) London share sale.

The order book for shares being sold in the company was fully covered by the end of last week, just days into its roadshow of investors.

Bankers on the deal went out with a fully covered message yesterday.

The fertiliser producer’s majority owner, politician Andrei Guryev, could now opt to sell up to 15 per cent of his stake in the company.