Oslo-Yara International ASA said Aug. 31 that it has decided to make a public offer to acquire all non-voting shares in Fertibrás S.A. The decision was taken following a proposal from minority shareholders holding more than 70 percent of the free-floating shares. Yara said its acceptance of this offer triggers a mandatory de-listing public offer. Yara offers a purchase price of BRL 34.5-35 per non-voting share depending on date of payment for the shares, provided the offer can be concluded within a 190-day period counting from this date. The total acquisition price for Fertibras, assuming 100 percent acceptance, including the current offer, amounts to about US $211 million, giving a P/E of approximately 9 based on average 2004 and 2005 earnings. Yara currently owns all voting shares in Fertibrás, and about 48 percent of the total shares.
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