{"id":87893,"date":"2023-12-18T00:00:00","date_gmt":"2023-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-to-acquire-50-stake-in-fertiglobe-from-oci-for-usd-3-62-bn\/"},"modified":"2023-12-18T00:00:00","modified_gmt":"2023-12-18T00:00:00","slug":"adnoc-to-acquire-50-stake-in-fertiglobe-from-oci-for-usd-3-62-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/18\/adnoc-to-acquire-50-stake-in-fertiglobe-from-oci-for-usd-3-62-bn\/","title":{"rendered":"ADNOC to acquire 50% stake in Fertiglobe from OCI for USD 3.62 bn"},"content":{"rendered":"

ADNOC is acquiring OCI\u2019s share in Fertiglobe:<\/strong>Abu Dhabi National Oil<\/a>Company<\/a> (ADNOC) has inked a binding agreement with Netherlands-based chemical producer OCI to acquire OCI\u2019s entire 50% stake in ammonia and urea producer Fertiglobe<\/a> for USD 3.62 bn, according to statements by the three companies (here<\/a>, here<\/a>, and here<\/a>, pdf<\/a>). The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share and is expected to close in 2024, according to the statements.<\/p>\n

Remember:<\/strong> Fertiglobe is a joint venture between ADNOC and OCI, which is owned by Egyptian b\u2019naire Nassef Sawiris. The two companies set up the JV back in 2019. Fertiglobe is currently developing ADNOC\u2019s Ta\u2019ziz<\/a> project, the first low-carbon ammonia project in the UAE and the MENA region. The plant is expected to operate with the capacity of about 1 mn tons annually. <\/p>\n

Who will own what?<\/strong> The transaction will see ADNOC up its stake in Fertiglobe to 86.2%. The remaining 13.8% of shares will continue to be traded in freefloat on the Abu Dhabi Securities Exchange (ADX). <\/p>\n

Market reax: <\/strong>Following news of the agreement being made official, Fertiglobe\u2019s shares inched up 0.3% during trading on Friday to AED 3.01 a share \u2014 6.1% below the premium penciled into the agreement. Euronext-listed OCI\u2019s shares dropped 13.7% to EUR 20.12 a share by the end of trading Friday.<\/p>\n

With this acquisition, ADNOC is growing its presence in Egypt through Fertiglobe:<\/strong> Fertiglobe is currently working<\/a> with the Sovereign Fund of Egypt and Norwegian renewables developer Scatec on a 50-100 MW green hydrogen plant in Ain Sokhna. The largest<\/a> fertilizer producer in the MENA region also recently shipped<\/a> the world\u2019s first ISCC PLUS-certified (International Sustainability and Carbon Certification) green ammonia from the company\u2019s pilot green hydrogen electrolyzer in Egypt.<\/p>\n

This isn\u2019t the end of the road for Sawiris and ADNOC: <\/strong>OCI and ADNOC have agreed to explore joint investments in decarbonization and product distribution projects in North America and Europe, OCI said. Sawiris\u2019 private investment office NNS<\/a> \u2014 which recently moved its headquarters to Abu Dhabi, as we noted last week \u2014 will also be investing in Fertiglobe, \u201cdemonstrating NNS\u2019s deep conviction \u2026 in the material value creation that lies ahead for Fertiglobe under ADNOC\u2019s stewardship,\u201d Sawiris said.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADNOC\u2019s stake in Fertiglobe will increase to 86.2%<\/p>\n","protected":false},"author":1,"featured_media":87894,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[57,74,7,207,60,516,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-adx","tag-enterpriseam-uae","tag-fertiglobe","tag-ma-watch","tag-oci","tag-taziz","wpautop","entry"],"acf":{"mongo_id":"0950134a-1a6b-4cfe-837a-20e8600359de","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/3402.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"ADNOC to acquire 50% stake in Fertiglobe from OCI for USD 3.62 bn","related_issue":[87889],"teaser":"ADNOC\u2019s stake in Fertiglobe will increase to 86.2%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.47684777-970b-4604-8e1d-a43958d7cfb8.mp3"},"yoast_head":"\nADNOC to acquire 50% stake in Fertiglobe from OCI for USD 3.62 bn - 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