(Adds details on potential sale and background in paragraphs 2-5)
May 16 (Reuters) - Australia's Incitec Pivot (IPL) said on Thursday it was in advanced talks with Indonesian state-owned fertiliser company PT Pupuk Kalimantan Timur (Pupuk Kaltim) for the sale of Incitec's fertiliser business.
Incitec produces and distributes fertilisers and explosives, with its fertiliser unit contributing around 17% to its fiscal 2023 operating earnings.
The company expects the sale consideration to be in cash, but did not provide any details about the deal value.
Pupuk Kaltim, Southeast Asia's biggest urea fertiliser maker, has said that it will continue to supply fertilisers to the Australian market, retain the Incitec unit workers and grow the business in Australia, Incitec said.
Given the potential sale of the fertiliser unit, Incitec said it would not commence the A$500 million share buy back announced in December last year.
($1 = 1.4932 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))
News: IPL UPDATE 1-Incitec Pivot in advanced talks with Indonesia's Pupuk Kaltim for fertiliser...
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