Yara will launch offer to acquire Kemira GrowHow
Yara International ASA (YAR) has acquired 30.05 percent of all shares and votes in Kemira GrowHow Oyj from the State of Finland. The purchase price paid for the shares is EUR 12.12 per share. As a result Yara will launch a mandatory tender offer for the remaining shares in the company at the same price of EUR 12.12 per share in accordance with the Finnish Securities Markets Act.
Kemira GrowHow's phosphate and Yara's nitrogen activities shall serve as a solid platform for the future and position the company as a knowledge leader in the global fertilizer industry. The transaction shall secure a strong European based fertilizer industry to the benefit of the competitiveness and quality of the EU food supply system.
Kemira GrowHow owns a major phosphate mine at Siilinjärvi, Finland and has access to additional phosphate rock through mining rights at Sokli. The company is one of the leading producers of fertilizers and feed phosphates in Europe with production facilities in 8 countries, sales to over 100 countries and about 2,500 employees. Kemira GrowHow focuses on providing customized fertilizers and related services for crop cultivation, feed phosphates for use in animal feed, as well as process chemicals for selected industrial segments. During first quarter of 2007 net sales were EUR 350 million and operating profit EUR 21.4 million.
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