CF Industries has confirmed a deal to consolidate with OCI’s European, North American and Global Distribution businesses.
The deal was confirmed on 6 August 2015, only a few weeks after a leak was reported in the Wall Street Journal on 17 July. The two companies issued statements to confirm that preliminary discussions were being held, which certainly did not give the impression at the time that a deal could be agreed as quickly as it has.
The transaction has been unanimously approved by both companies’ boards of directors, and it will include OCI’s nitrogen production facilities in the Netherlands and its soon-to-be-completed US greenfield nitrogen project in Iowa. The deal also includes OCI’s interest in the Beaumont, TX ammonia and methanol complex, a 45% interest in its Natgasoline methanol project, also in Texas, and its global distribution business based in the UAE.