Yara offers to buy non-voting shares in Fertibrás
Aug 31, 2006
The decision has been taken following a proposal from minority shareholders holding more than 70 percent of the free-floating shares. Acceptance of this offer by Yara triggers a mandatory de-listing public offer. Yara offers a purchase price of BRL 34.5-35 per non-voting share depending on date of payment for the shares, provided the offer can be concluded within a 190-day period counting from this date.
The total acquisition price for Fertibras assuming 100 percent acceptance, including the current offer, amounts to about USD 211 million, giving a P/E of approximately 9 based on average 2004 and 2005 earnings.
Yara owns currently all voting shares in Fertibrás, and about 48 percent of the total shares.
The public offer and the de-listing of Fertibrás are subject to approval by the Brazilian Securities and Exchange Commission.
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 339 832
Hamed Brodersen, Media Relations
Cellular (+47) 40 468 110
Yara International ASA is a leading chemical company that converts energy and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of 6800 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.www.yara.com