Morocco's OCP to buy its joint venture with Bunge
RABAT (Reuters) - Morocco's phosphate firm OCP said it has reached an agreement to buy Bunge's (BG.N) 50 percent stake in their Moroccan fertilizer joint venture Bunge Maroc Phosphore S.A (BMP).
The value of the deal was not disclosed in the statement from OCP on Thursday.
BMP was created by Bunge, a global agribusiness and food company, and OCP in 2008 to provide a source of phosphate based materials for Bunge businesses in South America. It has a production capacity of 375,000 tonnes per year of phosphoric acid and other derivative products.
The deal, which is another step in a heavy investment program unveiled by OCP last year, is expected to close by the end of the year.
OCP, which controls a third of the international market for phosphate, is considering raising around $600 million in a foreign bond issue to improve its infrastructure and boost its output, sources told Reuters last month.
(Reporting By Aziz El Yaakoubi; Editing by Elaine Hardcastle)
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