The agricultural sector protested loudly and even called in lawyers to prevent the deal – in the end none of this helped: Borealis sold the nitrogen division, which also includes fertilizer production, to the Czech Agrofert group. All permits are present.
The deal has been sealed 28 months after Borealis announced its intention to divest its nitrogen division. Now that all the necessary permits are on the table, the authorities’ resistance and hesitation are over.
Agrofert paid 810 million euros for the area, which employs about 700 people in Linz alone.
The deal had caused quite a stir – mainly caused by voiced concerns from the agricultural sector, which saw downsides to the sale. In the end, the critics fell silent and the deal was approved by the European Commission and eventually also by the French authorities, who had investigated the takeover of the nitrogen division under the national investment protection law.
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.
