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24-10-18
Morocco's OCP finalizes stake purchase of Fertinagro
(MENAFN) The Moroccan phosphate firm OCP finalized its purchase of a 20 percent stake in Spain's fertilizer producer Fertinagro.
In a statement, Morocco's state-owned company announced the acquisition of all needed regulatory approvals.
The phosphate company also declared Fertinagro's shareholders to have accepted the capital raise.
It comes after OCP and Fertinagro secured an intellectual property and knowledge license deal under the purchase, along with a co-development pact.
OCP Group chairman Mostafa Terrab stated: "the strategic partnership we concluded with Fertinagro Biotech is a new step towards achieving our global growth strategy focusing on creating innovative, customized plant nutrition solutions adapted to crops and soils, to address the specific needs of farmers around the world."
The chairman further added: "this alliance intend to deliver more opportunities ahead as we grow together leveraging on both companies' complementary strength and capabilities."
MENAFN2410201800450000ID1097611789
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