Business & Policy
BASF sells fertilizer business to EuroChem
By The Canadian Press
Apr. 2, 2012, Berlin - Germany's BASF SE says it has sold its Belgium-based fertilizers business to EuroChem of Russia in a deal worth C830 million ($1.1 billion).
BASF said Monday that antitrust authorities have approved the sale and it expects to book a pre-tax gain of about C600 million on the deal in its first-quarter results.
The chemicals, plastics and oil company says the total sale price for its fertilizer activities in the Belgian city of Antwerp includes a deferred payment of C130 million due between 2013 and 2016.
It says some 330 employees have been transferred to a new EuroChem subsidiary, EuroChem Antwerpen NV.