Orica Limited (ASX:ORI) has confirmed that it expects its full year profit to grow from last year, on the same day reports have emerged that Orica is among the bidders for petrochemical firm, Burrup Fertilisers.
Burrup Fertilisers was placed into receivership by Australia and New Zealand Banking Group (ASX:ANZ) at the end of 2010 and Orica reportedly asked the Australian Competition and Consumer Commission to review its potential purchase in March 2011.
Reuters reports that both Orica and Incitec Pivot Limited (ASX:IPL) are among the parties who have now submitted final bids for the potential $1.5 billion sale.
Burrup's receivers, PPB Advisory, have refused to confirm the bidders but told Reuters that they are encouraged by the bids and will be working through them in the next two to three weeks.
Yesterday Orica confirmed it expects its fiscal 2011 net profit after tax to be higher than its fiscal 2010 result.
In the first half of its 2011 financial year Orica increased its net profit by 5 per cent to $277.2 million.
ORI Price at posting:
$26.35 Sentiment: None Disclosure: Held
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