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OCP to Buy Out Bunge’s Stake in Bunge Maroc Phosphore Joint Venture
OCP Group and Bunge Limited today announced they have reached an agreement for OCP to acquire Bunge’s 50% ownership interest in their Moroccan fertilizer joint venture.
The joint venture, Bunge Maroc Phosphore S.A. (“BMP”), was formed in 2008 to produce fertilizers in Morocco and serve as an additional source of phosphate-based raw materials and intermediate products for Bunge’s fertilizer businesses in South America.
“Bunge Maroc Phosphore has played an important role in meeting our fertilizer supply needs in South America,” said Soren Schroder, Chief Executive Officer, Bunge Limited. “However, with the sale of our fertilizer business in Brazil, the opportunity for OCP to acquire our interest in the joint venture at this time makes strategic sense for both parties.”
“Bunge Maroc Phosphore has been a key component of OCP’s strategy and commitment in Latin America. This acquisition further reinforces that commitment. Furthermore, we will now be able to fully integrate BMP in OCP’s production system which will provide for greater industrial optimization of the Jorf industrial platform,” said Mhamed Ibnabdeljalil, EVP and Chief Commercial Officer.
The transaction is expected to close by the end 2013, subject to customary closing conditions, including regulatory approval in Brazil.
