EuroChem Comércio de Productos Químicos Ltda., a subsidiary of EuroChem Group AG, on June 27 acquired an additional tranche of shares equivalent to 28.49% in Fertilizantes Heringer SA, and now owns a 79.98% stake in the Brazilian fertilizer company, according to a statement on Fertilizantes Heringer’s website
EuroChem paid around R$230 million (approximately US$47.6 million at current exchange rates) for the shares, which it acquired through a share auction. Settlement of the transaction was made on June 29.
The Zug, Switzerland-based fertilizer group bought a 51.48% stake in Fertilizantes Heringer last year (GM April 1, 2022) for R$554 million, and in December launched a second public offering for the remaining minority shares (GM Jan. 6, p. 27). An earlier attempt to buy out minority shareholders failed (GM Dec. 2, 2022; Sept. 2, 2022).
For EuroChem to achieve its goal of taking Heringer private, it would still need to acquire the remaining 20.02% of the company’s shares. Some 10% of these remaining shares are held by OCP International Cooperatieve US, according to the Fertilizantes Heringer statement.