Nutrien to Sell All Stakes in Egyptâs Mopco Published December 20th, 2020 - 01:00 GMT
Nutrien said it would sell 59.57 million shares of Mopco and upon closing settle all arbitration claims it had made against the government of Egypt and Mopcoâs affiliate, the Egyptian Nitrogen Products Co SAE. (Shutterstock)
Highlights
Total proceeds resulting from the sale of shares as well as the settlements amongst the parties are expected to be received in full upon close before the end of December 2020.
Canada-based Nutrien, a global provider of crop inputs and services, said it will sell 100% of its stake in Misr Fertilizers Production Company (Mopco) in Egypt for $540 million and settle all arbitration claims.
Nutrien to sell 100% of its stake in Egypt’s Mopco
CAIRO, December 20, 2020 Canada-based Nutrien, a global provider of crop inputs and services, said it will sell 100% of its stake in Misr Fertilizers Production Company (Mopco) in Egypt for $540 million and settle all arbitration claims. Nutrien said it would sell 59.57 million shares of Mopco and upon closing settle all arbitration claims it had made against the government of Egypt and Mopco’s affiliate, the Egyptian Nitrogen Products Co SAE. Total proceeds resulting from the sale of shares as well as the settlements amongst the parties are expected to be received in full upon close before the end of December 2020. This investment has historically contributed $15 to $20 million per year to Nutrien’s Adjusted EBITDA. –
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Dec 18 (Reuters) - Canada’s Nutrien Ltd, on Friday said it would sell its entire stake in Misr Fertilizers Production Co SAE (MOPCO) to Egypt and settle related arbitration claims for total gross proceeds of $540 million.
The Canadian fertilizer maker said its investment in MOPCO has historically contributed $15 million to $20 million per year to its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
Under the agreement, Nutrien said it would settle all arbitration claims it had made against the government of Egypt and MOPCO’s affiliate, the Egyptian Nitrogen Products Co SAE, after the deal closes.
Reporting by Shradha Singh in Bengaluru; Editing by Devika Syamnath
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Canada’s Nutrien Ltd, on Friday said it would sell its entire stake in Misr Fertilizers Production Co SAE (MOPCO) to Egypt and settle related arbitration claims for total gross proceeds of $540 million.
The Canadian fertilizer maker said its investment in MOPCO has historically contributed $15 million to $20 million per year to its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
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Under the agreement, Nutrien said it would settle all arbitration claims it had made against the government of Egypt and MOPCO’s affiliate, the Egyptian Nitrogen Products Co SAE, after the deal closes.