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Burrup Fertilisers Bids Due Today; Yara Awaits Final Price

Updated on

Final bids for Burrup Fertilisers Pty, an Australian ammonia producer under receivership, are due today, said PPB Advisory. Yara International ASA, which has the right to match any offers, said it will first assess the price.

“There has been a huge amount of activity in the data room,” Ian Carson, a Melbourne-based partner at receiver PPB Advisory, which is managing the sale, said by phone. “We will take two to three weeks to analyze the bids.” The firm said in January it received more than 20 “serious enquiries.”

The fertilizer industry is consolidating as rising food prices spur farmers to plant more crops, boosting demand for soil nutrients. Yara, which owns 35 percent of Burrup Fertilisers’ parent, Burrup Holdings Ltd., is studying taking full ownership, the Oslo-based company said Feb. 15.

“We haven’t put in a bid,” Asle Skredderberget, a Yara spokesman, said by telephone today. “We’re awaiting the development of the process to see what the price will be.”

Yara dropped 1.6 percent to 305.2 kroner as of the 5:30 p.m. close of trade in Oslo. The benchmark OBX Index rose 0.2 percent.

After analyzing the shortlisted offers, PPB expects to cut down the candidates to one or two preferred bidders, Carson said. Burrup Fertilisers may fetch A$1 billion ($1.1 billion), the Australian newspaper has reported.

Incitec Pivot Ltd., Australia’s largest fertilizer maker, said in May it wanted to be part of the process. Orascom Construction Industries, Egypt’s biggest publicly traded builder, was also preparing a bid, a person with knowledge of the matter said May 16.

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