Borealis has said it has declined the binding offer it received from EuroChem on 2 February 2022 for the acquisition of Borealis’ nitrogen business including fertilizer, melamine and technical nitrogen products.
Borealis will now consider various options regarding the future of its nitrogen business.
“We have closely assessed the most recent developments around the war in the Ukraine and sanctions that have been put in place,” comments Thomas Gangl, Borealis CEO. “As a consequence, we have decided to decline EuroChem’s offer for the acquisition of Borealis’ nitrogen business including fertilizer, melamine and technical nitrogen products.”
Separately, EuroChem has said that Andrey Melnichenko has resigned his position as Non-Executive Director of the Board of Directors, and withdrawn as main beneficiary, effective 9 March 2022.
The move follows Melnichenko’s inclusion in an EU sanctions list.