Bunge sale of fertilizer business to Yara to close in Q3

25 July 2013 22:03  [Source: ICIS news]

HOUSTON (ICIS)--Bunge is still expecting to close on the sale of its Brazilian fertilizer business to Norwegian producer Yara by the close of Q3 2013, US-based agribusiness major said on Thursday.

In June, Yara announce it had obtained approval from authorities in Brazil to proceed with the $750m (€570m) purchase of the fertilizer segment.

Brazil has significant growth prospects for both the agricultural sector in general and the fertilizer industry, and Yara intends to play a key role in the further development of Brazilian agribusiness,” said Jorgen Ole Haslestad, CEO of Yara International.

Officials said on Thursday that the acquisition is still on course and should reflect in the Q3 earnings.

Headquartered in White Plains, New York, Bunge operates in over 40 countries and is involved in many aspects of agricultural services and products including buying and transporting oilseeds and grains, producing sugar and ethanol from sugarcane.

($1 = €0.76)


By: Mark Milam



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