Business Services Industry
Orica sells out of Incitec Pivot.
Australasian Business Intelligence, May, 2006
Byline: Ian Porter
May 09, 2006 (The Sydney Morning Herald - ABIX via COMTEX) -- Australian chemicals conglomerate Orica is selling its holding in fertilizer manufacturer Incitec Pivot for at least $A750m. Some 55 of Incitec will be marketed to institutional investors at an indicative bookbuild price of $A18.30 per share. The remaining 15 currently owned by Orica will go to Incitec itself, at a fixed price of $A18.97. Incitec will also spend another $A165m to acquire the Southern Cross Fertilisers business of mining corporation BHP Billiton. There are no competition concerns, as Southern Cross only wholesales to Incitec, the ELF consortium, and Asian clients. On 9 May 2006, stock in Orica closed $A0.59 higher at $A25.67.
Publication Date: 10 May...
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