Yara to sell 50% of holding in China BlueChemical
After a thorough process, both companies today consider the likelihood of realizing the intentions in this agreement as small. This partly reflects general market conditions and partly reflects the priorities of the two companies. The shares are therefore offered for sale to re-deploy funds in a way that enhances its overall growth strategy. Yara's strategic intent to increase its presence in China remains firm.
With regard to the remaining 50% of Yara's holding, these shares are tied up under a Share Purchase Agreement with a further lock-up period of 18 months.
The net gain from the sale is expected to be approximately USD 22 million.
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