Perth-Wesfarmers put in an early bid for the 65 percent stake of Burrup Fertilisers Pty Ltd. held by Indian investors Pankaj and Radhika Oswal, according to a report in The Australian. The offer was reportedly to ANZ Bank, which is owed some A$830 million by Burrup and Oswal. It came before Burrup was put in receivership in December. Yara International ASA was also reported to have made an offer; however, it was lower than Wesfarmers, according to the publication. Wesfarmers was reported as saying their offer was not serious, but an expression of interest. Other Australian nitrogen makers Orica and Incitec Pivot Ltd. are also believed to be interested in the stake. A current plus is recent approval by local authorities for the company to proceed with an ammonium nitrate plant, while a con is a dispute over its long-term natural gas supply.
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