Yara finalizing sale of CO2 business

Oslo—Yara International ASA said it has signed the transaction documents for the previously announced sale of its European carbon dioxide (CO₂₎ business and its remaining 34 percent stake in the Yara Praxair Holding AS joint venture to U.S.-based Praxair Inc. for €300 million ($340.5 million). The sale was first disclosed in September of last year. The deal also includes an agreement for Yara to supply Praxair with raw CO₂ and gas, and to continue to operate three of the CO₂ liquefaction units, which are integrated within Yara’s fertilizer plants. The transaction is expected to be completed on June 1, subject to relevant merger control procedures. Yara puts the provisionally estimated post-tax gain at €150 million, including the Yara Praxair Holding sale. Yara and Praxair established the joint venture in Dec. 2007 (GM Dec. 10, 2007).