Abu Dhabi's ADNOC, Dutch-listed OCI weigh IPO of fertiliser joint venture
- The firms submitted bids last week for the deal, which could raise at least $1 billion, they said.
Abu Dhabi National Oil Company (ADNOC) and chemical producer OCI N.V. (OCI), which is backed by Egyptian businessman Nassef Sawiris, are weighing an initial public offering of their fertiliser joint venture Fertiglobe, two sources familiar with the matter said.
Headquartered in Abu Dhabi, Fertiglobe was formed in 2019 after OCI and ADNOC combined their ammonia and urea assets, with the two companies currently holding ownership stakes of 58% and 42% respectively.
ADNOC and OCI invited international and local banks to pitch for potential roles in Fertiglobe's public share-sale, said the sources, declining to be named because the matter is not public.
The firms submitted bids last week for the deal, which could raise at least $1 billion, they said.
ADNOC declined to comment when contacted by Reuters on Monday. OCI and Fertiglobe did not immediately respond to requests for comment.
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