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Incitec Pivot Rises After Report Unit Approached: Sydney Mover

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June 24 (Bloomberg) -- Incitec Pivot Ltd., Australia’s largest fertilizer maker, rose to the highest in almost three weeks in Sydney after the Australian Financial Review said the company received an informal approach for its fertilizer unit.

The shares rose 1.1 percent to A$2.81, the highest since June 5, giving the Melbourne-based company a market value of A$4.6 billion ($4.2 billion). Australia’s benchmark S&P/ASX 200 index declined 1.5 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 unidentified 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

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