Austria's Borealis acquires full stake in PEC-Rhin
01 February 2012 08:12 [Source: ICIS news]
SINGAPORE (ICIS)--Borealis has fully acquired fertilizer producer PEC-Rhin from GPN, a subsidiary of ?xml:namespace>France’s Total group, for an undisclosed fee, the Austrian plastics maker said on Wednesday.
PEC-Rhin is a producer of nitrate fertilizers as well as ammonia, ammonia water and nitric acid for industrial use.
GPN owned a 50% interest in PEC-Rhin and exercised its pre-emption right for the remaining 50% stake originally owned by German chemicals major BASF.
This process has been completed and approved by the antitrust authorities, Borealis said in a statement.
“PEC-Rhin, with its assets on the border between France and Germany on the Rhine river, is certainly most complementary to our current fertilizer business, which is mainly focused on the Danube region,” said Borealis CEO Mark Garrett.By: Nurluqman Suratman
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