Australia's Incitec Pivot continues to pursue fertiliser business sale (updated)

Dyno Nobel

11/09/2023 10:09

(Adds details of sale in paragraph 2-4, forecast in paragraph
5-6)
       Sept 11 (Reuters) - Australia's Incitec Pivot  IPL.AX 
on Monday said it continues to pursue a potential sale of its
fertiliser business, and flagged lower earnings for its
distribution segment.
    The company was in talks with Indonesian firm PT Pupuk
Kalimantan Timur for the sale of the fertiliser arm, Reuters had
previously reported.
    However, Incitec did not disclose names of any potential
buyers but said that the discussions were "confidential."
    It declined to comment on whether a deal with Pupuk
Kalimantan Timur was still in the works or not.  
    Reuters had previously reported that the value of the
proposed deal could be about A$1.5 billion ($965.10 million).
    The country's top fertiliser maker warned that earnings in
the distribution business for fiscal 2023 will be at the lower
end of the A$40-A$60 million range.
    Meanwhile, the impact of a shortfall in gas on its annual
earnings before interest and taxes will be at the lower end of
the previously forecast range of A$75--A$90 million, it added.
    


($1 = 1.5542 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru; Editing by
Subhranshu Sahu)
 ((Nausheen.Thusoo@thomsonreuters.com;))