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Yara International Abandons Purchase of Petrobras Factory, Which Ends Sales of Its Shares in the Fertilizer Unit
The Norwegian chemical company Yara International appears to have abandoned the purchase of Petrobras’ factory, according to information announced by the newspaper Valor Econômico. In addition, Petrobras approved the termination of a competitive process for the sale of all its shares in the Araucária Nitrogenados (Ansa) fertilizer unit, located in Paraná, as stated in a statement released on Monday night.
Why Did Yara Abandon the Purchase of Petrobras’ Factory?
Yara International’s withdrawal from the purchase of Petrobras’ Paraná factory shocked the public, as a deal was close to being finalized in July of this year for about 50 million dollars (approximately 263.6 million reais). However, the oil company was questioned by Reuters about the reasons for abandoning the purchase and simply did not respond. Meanwhile, Yara only stated that it does not comment on market rumors.
The closing of the deal was postponed for the first time amid the change of command at Petrobras. Then, the agreement was pushed to the following meetings of Petrobras’ board in the second half of the year. The actual finalization of the deal occurred this month, on the eve of Luiz Inácio Lula da Silva’s (PT) return to the presidency, when Yara decided to withdraw its proposal.
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More Information on the Termination of Sales of Araucária Fertilizers
A competitive process for the sale of all shares in Petrobras’ Araucária Nitrogenados (Ansa) fertilizer unit, located in Paraná, will be terminated. The closing process was in the binding phase. From then on, the company announced that it will evaluate its next steps related to the divestment of the asset.
According to the oil company, Ansa is a nitrogen fertilizer industrial unit in Araucária (PR), which is currently temporarily out of operation. Its incredible production capacity is 1,975 tons per day of urea and 1,303 tons per day of ammonia.
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