“The timing and rationale of a demerger could be right,” UBS analysts led by Ramoun Lazar said yesterday in a report. “The separated structure could also attract interest from both strategic and financial buyers given the strong position of both businesses.”
Melbourne-based Incitec’s explosives business could attract a A$6 billion takeover from Yara International ASA (YAR), Wesfarmers Ltd. (WES) or private equity funds, while the fertilizer unit may be worth A$4.7 billion to North American rivals such as Mosaic Co. (MOS), UBS said.
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