Yara to sell 50% of holding in China BlueChemical
Apr 08, 2008
The stake in the company was acquired in 2006 as a part of the IPO of China Blue Chemical and constituted a total of 9% of the total free float of the company. As part of this process China Blue Chemical and Yara also entered into a strategic investment agreement.
After a thorough process, both companies today consider the likelihood of realizing the intentions in this agreement as small. This partly reflects general market conditions and partly reflects the priorities of the two companies. The shares are therefore offered for sale to re-deploy funds in a way that enhances its overall growth strategy. Yara's strategic intent to increase its presence in China remains firm.
With regard to the remaining 50% of Yara's holding, these shares are tied up under a Share Purchase Agreement with a further lock-up period of 18 months.
The net gain from the sale is expected to be approximately USD 22 million.
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, natural minerals 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 more than 8,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.www.yara.com