Yara Sells Its 25% in Qatar Fertiliser Company JV For $1 Billion
March 09 2020 - 2:10AM
Dow Jones News
By Dominic Chopping
Norwegian fertilizer producer Yara International ASA said Sunday
that it has agreed to sell its 25% stake in joint-venture company
Qatar Fertiliser Company to Qatar Petroleum for $1 billion.
Yara said that since the establishment of the Qatar Fertiliser
Company joint venture in 1969, the company has become the world's
largest single-site urea producer, representing a significant
percentage of the world's traded supply.
Yara owned a 25% share in Qatar Fertiliser Company, with the
remaining 75% share owned by Industries Qatar, which in turn is
owned 51% by Qatar Petroleum.
The transaction is conditional on obtaining necessary local
regulatory approvals and customary closing conditions.
Following closing of the transaction, Yara will evaluate
potential extraordinary dividends and/or share buy-backs, in line
with its policy of maintaining a mid to long-term net debt/Ebitda
ratio in the range of 1.5-2.0.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 09, 2020 02:55 ET (06:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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