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Adnoc to complete $3.6bn Fertiglobe stake purchase today

By Pramod Kumar
Adnoc’s shareholding in Fertiglobe will rise to 86.2% after the OCI stake purchase Reuters/Bernadett Szabo
Adnoc’s shareholding in Fertiglobe will rise to 86.2% after the OCI stake purchase

State-run Abu Dhabi National Oil Company (Adnoc) is expected to close the acquisition of Amsterdam-based OCI Global’s 50 percent stake plus one share in Fertiglobe on Tuesday after receiving all required approvals.

A block trade was initiated on the Abu Dhabi Securities Exchange (ADX) on October 11, which will settle today.

After the stake buyout, Adnoc’s shareholding in Fertiglobe will increase to 86.2 percent, while the free float traded on ADX will remain at 13.8 percent.

The Abu Dhabi oil major agreed to acquire OCI’s stake for AED13.3 billion ($3.62 billion), or AED3.20 per share.

Fertiglobe management will host an investor and analyst webcast today to disclose the company’s growth and value-addition plans.

Revenues of the largest nitrogen fertiliser producer in the Middle East and North Africa region slipped 16 percent to just over $1 billion in the first half of 2024 from $1.24 billion a year earlier due to lower sales.

Headquartered in Abu Dhabi, Fertiglobe employs more than 2,700 people and was formed as a strategic partnership between OCI Global, a Dutch producer and distributor of nitrogen, methanol and hydrogen products, and Adnoc.

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