Yara, the Norwegian chemical and fertilizer group, has agreed to
purchase Dureal, Univar's European AdBlue business. The deal was
signed on Friday 30 November. The financial terms of the deal have
not been disclosed. The purchase is subject to approval by the
relevant competition authorities. The transaction is likely to see
the greatest scrutiny in Germany, the largest AdBlue market.
The sale follows the purchase of Univar by CVC Capital Partners
earlier in 2007, who apparently insisted on the divestment.
Dureal's business model relied on production of AdBlue using urea
purchased from external suppliers at prices related to the
international market. International urea prices have recently
reached record highs, exceeding US$400 per tonne in early December
2007 (basis FOB Black Sea).
It is unclear how Yara plans to integrate the business, but the
strength of its Air1 brand would make it likely that Dureal will be
absorbed into Air1. We estimate that Yara's share of the European
AdBlue market will exceed 40% once Dureal’s business is
included.
Univar said in a statement, "The decision to sell its Dureal
business assets is part of a larger strategic decision by Univar to
focus on its core industrial chemical distribution business"
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Yara buys Dureal from Univar
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