Incitec Pivot Rises After Report Unit Approached: Sydney Mover

Incitec Pivot Ltd. (IPL), Australia’s largest fertilizer maker, rose to the highest in almost three weeks in Sydney trading after the Australian Financial Review said the company got an informal approach for its fertilizer unit.

Melbourne-based Incitec rose 1.8 percent to A$2.83 at 1:07 p.m. local time, the highest since June 4 and giving it a market value of A$4.6 billion ($4.2 billion). Earlier it added as much as 3.6 percent. Australia’s benchmark S&P/ASX 200 index declined 1.4 percent.

The company has had at least one informal approach for the fertilizer unit, which may be worth as much as A$2 billion, the newspaper reported in its Street Talk column, without citing anyone. The unnamed prospective buyer was working with advisers and talks are at an early stage, it said.

Incitec Pivot spokesman Stewart Murrihy declined to comment on the report.

To contact the reporter on this story: David Stringer in Melbourne at dstringer3@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.