The green light for the sale of Borealis’ nitrogen division to Agrofert is still a long way off. The reason: the authorities are curious – and demand a lot of information. Nevertheless, the Czechs are confident that the sanction will be in place by the end of March 2023.
Will the 810 million euro deal burst or will it go ahead as planned? The fact that authorities are taking the time to approve the sale of Borealis’ nitrogen division to the Czech Agrofert group has boosted criticism. There are still concerns that the change of ownership would result in a fertilizer monopoly, endangering even Austria’s food supply…
Transparency trumps speed
The fact is: Six and a half months after Borealis AG, led by Thomas Gangl, reached an agreement with Agrofert, the takeover of the division, which employs some 700 people in Linz alone, has still not been completed. The authorities have a great need for information, the Czechs say. It takes time to cover this to your satisfaction and completely. “Transparency trumps speed here,” they say. It is also emphasized that the authorities are working on approval as soon as possible. However, due to legal reasons, there is no information about the details of the ongoing proceedings.
But even though Agrofert is silent about the details, the company says it is on the right track. The green light is expected in the first quarter of 2023 – that means: there should be a decision from the European Commission at the end of March.
Nevertheless, Agrofert never tires of emphasizing that they have long-standing and serious intentions with the Linz location. Investments are also being made in the chemical park, manager Petr Cingr emphasized this year during a personal meeting with Markus Achleitner, Minister of Economic Affairs.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
