World's top fertilizer firm eyes stake in China Blue
(Reuters)
Updated: 2006-08-24 15:08
World top nitrogen fertilizer maker Yara International will buy at least 10
percent of the US$400 million Hong Kong IPO of China Blue Chemical, a fertilizer
unit of the parent of CNOOC Ltd, a Hong Kong newspaper reported on Thursday.
The South China Morning Post cited market sources as saying Yara would
like to buy as much as 40 percent of the offering but a final decision on the
size had yet to be made.
UBS and JPMorgan were arranging the share sale, the paper said.
Marketing of the IPO is to begin on Sept. 11 with the offer to start on Sept.
18. Trading will begin on Sept. 29.
The newspaper quoted people familiar
with the situation as saying China Blue Chemical would be offered the shares at
about 8 to 10 times forecast earnings. It gave no further details.
China Blue Chemical runs a gas-fed fertilizer plant producing 800,000 tonnes
of carbamide, used in animal feeds and fertilizers, a year.
(For more biz stories, please visit Industry Updates)
|
