China Blue Chemical to sell stakes to Yara
China Blue Chemical, a fertilizer unit of China National Offshore Oil Corp, has agreed to sell at least 10 percent of its Hong Kong IPO to, Norway's Yara International, the world's largest nitrogen fertilizer company, Forbes reported, citing The South China Morning Post.
China Blue will gain access to technology from the tie-up with Yara which in turn can tap into the mainland's 17 billion US dollars fertilizer industry, said Forbes, quoted SCMP as saying.
The two companies plan to co-invest in small to medium-sized mainland nitrogen-based fertilizer companies, the report said. Yara would like to take as much as 30 to 40 percent of the offering, which could raise up to 400 million US dollars.