BASF sells 50 per cent share in PEC-Rhin to GPN

Chemical company BASF has signed a contract to sell its 50 per cent share in PEC-Rhin in Ottmarsheim, France, to its joint venture partner GPN, a member of the French Total Group.

PEC-Rhin produces CAN/AN (calcium ammonium nitrate/ammonium nitrate) fertilisers and the respective intermediates, ammonia and nitric acid.

The sale of BASF’s fertiliser activities in Antwerp, Belgium, to Eurochem, as announced in September 2011, is continuing as planned, subject to approval by the appropriate antitrust authorities.

BASF plans to complete the transactions, for which the total value is expected to be approximately €700m (£584m), by the end of the first quarter of 2012.