UAE: ADNOC Completes Acquisition Of Majority Stake In Fertiglobe

ADNOC has officially declared its completion of acquiring a majority stake in Fertiglobe, securing OCI's 50% plus one share. This strategic move, announced previously in December 2023, has successfully cleared all necessary regulatory hurdles, setting the stage for its finalization on October 15, 2024.

This acquisition entails a significant block trade on the Abu Dhabi Securities Exchange (ADX) scheduled for October 11, 2024. The transaction is slated for settlement on the same day as the closing, October 15, 2024. This tactical financial maneuver will bolster ADNOC's position in Fertiglobe, augmenting its shareholding to an impressive 86.2%. Despite this substantial increase in ADNOC’s stake, Fertiglobe’s public float on the ADX will maintain its current level at 13.8%.

Fertiglobe management has organized an investor and analyst webcast for October 15, 2024. In this session, they plan to outline the company's strategic roadmap for fostering further growth and value post-acquisition. The specific details regarding the webcast will be disclosed by Fertiglobe shortly.

This acquisition not only marks a significant milestone for ADNOC but also for Fertiglobe, promising new avenues for growth and expansion. As stakeholders eagerly anticipate the upcoming webcast, the future direction of Fertiglobe under ADNOC’s increased shareholding is poised to be a focal point of discussion.