Mechel plans to buy Bluescope Coal Corp

Mechel is planning to buy West Virginia-based Bluestone Coal Corp for a combination of cash and shares, Vedomosti has reported.

The deal is worth $425 mln in cash and 80 mln preferred shares, Russian business newspaper Vedomosti has reported.

Igor Zyuzin’s Mechel renegotiated the price from $4 bln, which was agreed on last year, citing unidentified bankers familiar with the situation, the newspaper said.

The steelmaker already paid the cash as a deposit last year, it added . The shares may be worth $199 miln, the newspaper said, citing UniCredit SpA.