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Yara will launch offer to acquire Kemira GrowHow
Yara International ASA has on May 24, 2007, acquired 30.05 percent of all shares and votes in Kemira GrowHow Oyj from the State of Finland. The purchase price paid for the shares is EUR 12.12 per share. As a result of the acquisition, Yara will launch a mandatory tender offer for the remaining shares in the company at the same price of EUR 12.12 per share in accordance with the Finnish Securities Markets Act. T he offer will strengthen the long-term growth and value creation prospects for the combined company.
Kemira GrowHow's phosphate and Yara's nitrogen activities will serve as a solid platform for the future and further position the company as a knowledge leader in the global fertilizer industry.
"I am very excited about the opportunities this transaction will create and pleased that two Nordic companies with a strong history can combine their strengths in meeting the global competition. Kemira GrowHow's phosphate mining, processing and commercialization complements Yara's existing business extremely well," says CEO and President of Yara International ASA, Thorleif Enger. "The combined activities will create value for the shareholders and be good for our employees and customers."
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