Borealis has declined EuroChem’s offer for the acquisition of its fertilizer, melamine and technical nitrogen business. The offer was made at the beginning of February and valued the business at EUR 455 million.

“We have closely assessed the most recent developments around the war in Ukraine and sanctions that have been put in place,” said Thomas Gangl, Borealis CEO. “As a consequence, we have decided to decline EuroChem’s offer for the acquisition of Borealis’ nitrogen business including fertilizer, melamine and technical nitrogen products.”

Borealis announced that it was looking to divest its nitrogen business in February 2021. See here.

The company says it will now consider various options regarding the future of its nitrogen business.

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