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.
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