05 October 2011 09:38 [Source: ICIS news]
SINGAPORE (ICIS)--Yara is selling a 16% stake in industrial gases firm Yara Praxair to US-based equal joint venture partner Praxair, the Norwegian fertilizer major said in a statement on Wednesday.
“Yara will reduce its ownership in the Yara Praxair industrial gases joint venture in ?xml:namespace>
“Praxair sees the importance of the Scandinavian market for its growth ambitions and acquiring a majority stake in Yara Praxair provides Praxair with a solid platform to shape the strategic direction of the company,” said Jorgen Ole Haslestad, CEO and president at Yara.
The transaction is expected to give Yara a pre-tax gain of around Norwegian kroner (NKr) 300m ($51m, €38m) in the fourth quarter of this year, the company said.
The venture will continue to operate under the name Yara Praxair and be based in
($1 = NKr5.94, €1 = NKr7.87)
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