Bunge to shed stake in Moroccan fertilizer business
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WHITE PLAINS, N.Y. — Bunge Ltd. said it has reached an agreement to sell its 50% ownership stake in its Moroccan fertilizer joint venture, Bunge Maroc Phosphore S.A., to OCP Group. The announcement comes less than a month after Bunge completed the sale of its Brazilian fertilizer operations, including blending facilities, brands and warehouses, to Yara International ASA for $750 million.
Bunge Maroc Phosphore was formed in 2008 to produce fertilizers in Morocco and serve as an additional source of phosphate-based raw materials and intermediate products for Bunge’s fertilizer businesses in South America.
“Bunge Maroc Phosphore has played an important role in meeting our fertilizer supply needs in South America,” said Soren Schroder, chief executive officer of Bunge. “However, with the sale of our fertilizer business in Brazil, the opportunity for OCP to acquire our interest in the joint venture at this time makes strategic sense for both parties.”
The transaction is expected to close by the end of 2013.