Norwegian ferts major Yara concludes sale of European CO2 business

20 April 2016 10:52 Source:ICIS News

LONDON (ICIS)--Fertilizer major Yara International on Wednesday announced the signing of the transaction documents for the sale of its European carbon dioxide (CO2) business to US-based Praxair for €300m.

The sale price includes the remaining 34% stake in the Yara Praxair Holding industrial gas joint venture in Scandinavia, the Oslo-headquartered group added in an update to a sale first announced in September 2015.

"The planned completion date is 1 June, 2016 (subject to relevant merger control procedures) with a provisionally estimated post-tax gain of €150m, including the Yara Praxair Holding AS sale.

"The sale also includes an agreement for Yara to supply Praxair with raw CO2, gas and continue to operate three of the CO2 liquefaction units which are integrated within Yara's fertilizer plants," the announcement concluded.

By Richard Ewing