ORI WES

News: Orica eyes Burrup Fertiliser stake

  1. FNN News
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    08/03/11
    08:04
    Post #: 8013458
    .

    Orica Ltd (ASX:ORI) has set its sights on a majority stake in petrochemical firm Burrup Fertilisers, expected to cost up to $1 billion.  



    The explosives maker has asked the Australian Competition and Consumer Commission to review its potential purchase.



    Burrup Fertilisers was placed into receivership by Australia and New Zealand Banking Group (ASX:ANZ) at the end of last year.



    Receivers for Burrup have since advised that they have lodged over 20 expressions of interest for the company’s assets.



    Last month the ACCC confirmed that it is reviewing a potential purchase of Burrup from Wesfarmers Ltd's (ASX:WES) CSBP fertiliser and explosives unit.



    Orica generated a $1.35 billion net profit in the 2010 financial year.
    ORI Price at posting: $25.41 Sentiment: None Disclosure: Held
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