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Morocco's Charaf takes control of Fertima - CDVM

Tue Apr 29, 2008 2:27pm EDT

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RABAT, April 29 (Reuters) - Moroccan fertilizer producer Charaf Corporation offered to buy out remaining shareholders in local rival Fertima (FERT.CS) after acquiring 86.6 percent of the company, market regulator CDVM said on Tuesday.

It did not state the price offered by Charaf for the 154,032 Fertima shares listed on the Casablanca bourse. Fertima's market value has steadily declined in recent years as it struggled to improve results after splitting from state phosphates giant OCP.

Fertima stock was suspended from trading after closing on Monday at 335 dirhams, valuing the company at 385 million dirhams ($52.34 million) according to stock exchange figures.

The stock is down 5.6 percent this year after a 4 percent drop in 2007, one of only a few decliners on a Casablanca bourse that soared in recent years.

Charaf makes nitrogenous, liquid and soluble fertilizers as well as organic growth stimulants and animal feeds.

It was founded in 1989 and has added several production sites in recent years, backed partly by international institutions such as International Finance Corp and the European Investment Bank, according to its Web site. ($1=7.356 Moroccan Dirham) (Reporting by Tom Pfeiffer, editing by Maureen Bavdek)



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