Abu Dhabi National Oil Company (Adnoc) has announced that its acquisition of OCI’s 50% + 1 share stake in Fertiglobe, which was announced in December last year, has received all required approvals and is expected to close on October 15.

 

Ahead of closing, a block trade was initiated on the Abu Dhabi Securities Exchange (ADX) yesterday (October 11), which will settle on Tuesday.

 

Following the completion of the transaction, Adnoc’s shareholding in Fertiglobe will increase to 86.2%, while the free float traded on ADX will remain at 13.8%, said Adnoc in a statement.

 

Fertiglobe management will host an investor and analyst webcast on Tuesday where the company’s vision to unlock further growth and value will be presented.