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Yara International ASA Announces Further Details on Acquisition of Bunge's Fertilizer Business in Brazil and Long-Term Fertilizer Supply Agreement

Tuesday, 11 Dec 2012 02:01am EST 

Yara International ASA announced on December 6, 2012 that it has entered into an agreement to acquire Bunge's fertilizer business in Brazil. Yara and Bunge have also agreed to enter into a long-term fertilizer supply agreement, enabling Bunge to continue supplying fertilizer to farmers as part of its grain origination activities and creating a framework for logistics and other commercial activities. Bunge operates 22 blending units across Brazil, delivering 4.8 million tons of fertilizer products in 2011. The Bunge assets also include an SSP plant with an annual production capacity of 300,000 metric tons, a port concession and a terminal development project. The business employs approximately 1,250 people. The transaction is valued at USD 750 million and comprises a net operating capital value of USD 385 million and other assets valued at USD 365 million. The operating capital value is subject to post-closing adjustment. The transaction will be financed from the existing cash balance of Yara. In case of major remedies imposed on Yara in connection with competition authority clearance, Yara may terminate the agreement with Bunge, subject to paying Bunge a termination fee of USD 47 million. Yara will consolidate the acquired business from the acquisition date, including possible goodwill, and measure all identifiable assets acquired and liabilities assumed at acquisition date fair values. 

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