Swiss Ameropa bids for sole ownership of Romania's Azomures

23 May 2012 12:01  [Source: ICIS news]

LONDON (ICIS)--Swiss grain and fertilizer trader Ameropa Holding is to launch a takeover offer for the 24.1% stake it does not own in Romania's largest fertilizer producer Azomures, Ameropa said on Wednesday.

The offer to minor shareholders, to be made through Ameropa subsidiary Pelican Fertilizers which acquired 75.9% of Azomures in March, would be worth a total of New Lei 281.7m ($80.5m, €63.3m), it added.

The call for shares, to take place between 5-25 June, was priced at New Lei 2.22/share, which was 8.8% higher than the Ameropa share price when the market closed on 22 May, Ameropa said.

Ameropa, which is a grain trader in Romania through cereal storage assets, gained control of Azomures from a Turkish group of investors. 

In May, citing the costs of required refurbishment investments, Azomures estimated that its annual net profit would fall sharply this year to New Lei 143.7m, compared to the New Lei 346m it recorded in 2011.

Azomures has ammonium nitrate (AN) and calcium ammonium nitrate (CAN) units, both of which produce about 300,000 tonnes/year.

It also produces urea, complex nitrogen phosphorous potassium (NPK) fertilizers and melamine.

($1 = €0.79)
($1 = New Lei 3.50)
(€1 = New Lei 4.45)

By: Will Conroy
+44 20 8652 3214

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