Yara, Apache take control of Oswals' Burrup Fertilisers
01 Feb 2012
Norwegian chemicals giant Yara International and Apache Corp, the second-largest US independent oil and gas company, will become joint owners of Australia's Burrup Fertilisers, the ammonia company formerly controlled by the controversial Oswal family.
Oswal family's majority stake in Burrup Fertilisers, Australia's largest ammonia producer, has been split between existing stakeholder Yara and Houston-based Apache, which operates the Harriet joint venture that supplies the gas to the Burrup Fertilisers plant.
Apache paid $439 million to Australia and New Zealand Banking Group (ANZ) to acquire a 49 per cent stake in Burrup Holdings, while Yara paid $143 million to increase its ownership in Burrup Holdings by 16 per cent to 51 per cent.
The total deal size is $582 million (A$549 million).
The plant will be renamed Yara Pilbara following today's deal, and post closing, Yara will become operator of the plant.
Apache had, in December 2011, agreed to acquire a 65 per cent stake in Burrup, but Yara, the minority owner of Burrup, had the right to match the bid.
