Norway’s Yara sells stake in joint venture firm Yara Praxair

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 Scandinavia from 50% to 34%,” Yara said in a statement.

The Yara Praxair joint venture was formed in late 2007 and comprised Yara’s industrial gas businesses located in Norway, Denmark and Sweden.

“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 Oslo, Norway, it said.

($1 = NKr5.94, €1 = NKr7.87)

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By: Samuel Wong

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