Adnoc’s planned international growth strategy accelerated again with the 15 December announcement that it is buying out Dutch firm OCI’s holding in their Fertiglobe JV. OCI holds a 50% (plus one share) stake in Fertiglobe and following the completion of the transaction in 2024, Adnoc’s holding will increase to 86.2%, with 13.8% remaining in free float on Abu Dhabi’s ADX exchange.
Adnoc is paying AED3.20 ($0.87)/share, a 25% premium to the October 2021 IPO price (MEES, 8 October 2021) and 8% above the closing price on 11 December, for a total price of $3.62bn. (CONTINUED - 951 WORDS)
