BASF to sell share in JV PEC-Rhin to GPN

Monday, Jan 23, 2012

BASF has signed a contract to sell its 50%-share in PEC-Rhin in Ottmarsheim, France, to its joint venture partner GPN, a member of the French Total Group.

PEC-Rhin produces CAN/AN (calcium ammonium nitrate/ammonium nitrate) fertilizers and the respective intermediates, ammonia and nitric acid. The company was established in 1966 and currently has about 180 employees.

The sale of BASF’s fertilizer activities in Antwerp, Belgium to EuroChem as announced in September 2011 is ongoing as planned, subject to approval by the appropriate antitrust authorities.

The total transaction value for both deals is expected to be approximately €700 million. BASF plans to complete the transactions by the end of the first quarter of 2012.

BASF’s fertilizer operations in Ludwigshafen are not included in the scope of the divestments.

Source: BASF