Business Services Industry
Pairing of fertiliser giants edges closer.
Australasian Business Intelligence, February, 2003
Feb 24, 2003 (The Australian - ABIX via COMTEX)
The birth of a big fertiliser company in Australia is coming closer. On 24 February 2003, it was revealed that an agreement has been signed between fertiliser giants Incitec and Pivot. Incitec, an Orica subsidiary, will take 70 of the merged entity, while Pivot will take 30. Pivot is owned by farmers. Orica will take over the industrial chemicals business of Incitec, while the fertiliser assets will be sold to Pivot. The shareholders in Pivot have yet to approve the deal, and the merger will be finalised in May 2003. After shareholder approval, the new entity will be floated, and it will be called Incitec Pivot Limited. The merger is expected to unlock synergies and create efficiencies.
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