23 December 2013 08:47 [Source: ICIS news]
SINGAPORE (ICIS)--Israel-based producer Israel Chemicals Limited (ICL) said on Monday it is acquiring Vale Fertilizantes’s share in Fosbrasil, a joint venture firm producing purified phosphoric acid and raw materials for fertilizers in Brazil, for an undisclosed fee.
“The purchase of Vale’s shares will increase ICL’s ownership share to a majority position in a major producer of phosphoric acid in South America,” it said in a statement.
The proposed transaction is subject to the approval of Brazilian competition authorities and other customary approvals, the company added without providing a specific timeline.
Phosphoric acid is a primary ingredient in a variety of food and beverage products, and is also used in food processing and a number of industrial applications. It is also a key raw material for the production of phosphate salts.
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