-Yara considers using preemptive right to Burrup Fertilisers, official says.
NORDIC BUSINESS REPORT-July 22, 2011--Yara considers using preemptive right to Burrup Fertilisers, official says(C)2011 M2 COMMUNICATIONS http://www.m2.com
22 July 2011 - Norwegian fertiliser maker Yara International ASA (OSL: YAR) is considering using its preemptive right to buy Oswal family's 65% stake in Australian joint venture Burrup Holdings, Yara spokesman Asle Skredderberget, told Norwegian news source iMarkedet Xpress on Friday.
Yara owns the remaining 35% in the company, which is the parent of the Burrup Fertilisers ammonia plant in Australia.
It was expected that a sale of Burrup, which has been placed under receivership, will be finalised by the end of July. However, so far there have been few updates on the sale and the process does not seem to be in a final phase.
The process is managed by the receivers. The company has been following it and it is not involved in running the sale process, Skredderberget said, adding Yara is very satisfied with the contribution from Burrup over the past year.
He confirmed Yara's interest to take over Burrup, adding that this would depend on the price.
According to Australian daily PerthNow, the sales process is in the second phase and the interested buyers are Wesfarmers (ASX: WES), Orica (ASX: ORI), Incitec Pivot (ASX: IPL), Sinofert (HKG: 029) and Yara.
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|Publication:||Nordic Business Report|
|Date:||Jul 22, 2011|
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