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Total's GPN Subsidiary Signs Deal to Buy BASF out of Fertilizer JV

5:30 AM MST | January 20, 2012 | Ian Young

GPN, the fertilizer subsidiary of Total, has signed a contract to acquire BASF's 50% stake in the companies' PEC-Rhin fertilizer joint venture. GPN is exercising its pre-emption rights to buy the BASF stake, and becomes sole owner of PEC-Rhin. The transaction paves the way for GPN to divest PEC-Rhin, most likely to Borealis. Borealis announced last November that it had made an offer to GPN to acquire PEC-Rhin. Borealis has capacity to produce 1.6 million m.t./year of fertilizers at Linz, Austria. PEC-Rhin produces calcium ammonium nitrate and ammonium nitrate, as...

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