European Commission approved Kemira GrowHow acquisition by Yara
Yara International ASA has received clearance from the European Commission to acquire Kemira GrowHow Oyj, and has waived the remaining preconditions for its tender offer. The European Commission approval is subject to certain conditions which Yara International ASA is committed to fulfill.
The European Commission has approved the transaction subject to the following commitments, which in aggregate correspond to less than 3% of Kemira GrowHow Oyj revenues:
- Divestment of part of Yara's nitrogen chemicals business in Köping, Sweden - Divestment of part of Kemira GrowHow's nitrogen chemicals business in Tertre, Belgium - Dissolution of the Fertisupply distribution joint venture in Denmark - Sale of Yara's share in the Zemnor distribution joint venture in Latvia - Divestment of the CO2 liquefaction plant in Billingham, UK currently owned and operated by the newly established joint venture GrowHow UK Limited
Yara International ASA / Yara Nederland B.V. has elected to waive the remaining preconditions for the completion of the Tender Offer, and the Tender Offer will be completed after the termination of the Offer Period in accordance with the terms and conditions of the Tender Offer with respect to all Kemira GrowHow Oyj shareholders who have validly accepted the Tender Offer by that time.
The Tender Offer will be completed with respect to all Kemira GrowHow's shareholders who have validly accepted the Tender Offer no later than on the fifth (5th) banking day following the end of the Tender Offer Period, i.e. by 4 October 2007 (Completion Date). If possible, the completion trades will be executed on the Helsinki Stock Exchange. The completion trades will be settled on the third (3rd) banking day following the completion trades, i.e. on 9 October 2007. The Offer Consideration will be paid on or about the third (3rd) banking day following the date of the completion trade. The accrued interest will be paid on or about the fifth (5th) banking day following the date of the completion trade.
Find more www.kemira-growhow.com
Heikki Sirviö CEO
For additional information please contact:
Kaj Friman, CFO Tel. (+358) 50 62 626
Kemira GrowHow Oyj is one of the leading producers of fertilisers and feed phosphates in Europe. Kemira GrowHow develops and markets fertilisers and integrated solutions for crop cultivation, animal feed supplements and chemicals required in various industries. The company has approximately 2,500 employees worldwide and in 2006 net sales were 1.2 billion euros. Kemira GrowHow Oyj is listed on the Helsinki Stock Exchange. www.kemira-growhow.com
Yara International ASA is a leading chemical company that converts energy and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of 7,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry. www.yara.com