Vale has announced that it has completed the sale of its fertilizer business to Mosaic in accordance with the terms disclosed in the press release on 2 January 2018.
In the statement, Vale reaffirms the importance of the partnership with Mosaic as it enhances Vale’s exposure to the worldwide fertilizers market – especially the large and fast-growing agricultural regions of both Brazil and North America.
Vale claims that the proceeds will be used to strengthen its balance sheet, as well as to decrease its indebtedness, as part of its strategy to generate value for shareholders.
Read the article online at: https://www.worldfertilizer.com/nitrogen/09012018/vale-completes-sale-of-fertilizer-business-to-mosaic/
The partnership sees ADNOC combine its fertilizer business, ADNOC Fertilizers, into OCI’s Middle East and North Africa nitrogen fertilizer platform. ADNOC and OCI will own a 42% and 58% stake in the JV respectively.