OAO Acron, a Russian fertilizer producer, doesn’t plan to raise its stake in Azoty Tarnow, Poland’s biggest chemical producer, Interfax reported, citing Acron owner Viatcheslav Kantor.
Acron said it bought 12.03 percent of Azoty Tarnow last week for 347 million zloty ($100 million). The Russian producer controls 13.2 percent of the Polish company’s capital, Azoty said yesterday. Acron offered to buy 66 percent of Azoty in May.
They will cooperate in different fields, Interfax said, citing Kantor. Azoty will be able to buy phosphate concentrate from Acron’s Oleniy Ruchey mine that starts this year, Interfax said. Output may reach 1 million metric tons a year, it said.
Acron hasn’t decided when to sell its 2.7 percent stake in OAO Uralkali, Kantor said, adding that the price should be “high,” according to the Interfax report.