Middle East, Qatar Investment News: Fertilizer Deal With Yara - Bloomberg:
Yara International ASA will buy back 5% of its shares, valued at $530 million based on current prices, once it has completed the sale of its stake in Qatar Fertiliser Co., the Norwegian fertilizer maker said.
The purchases are expected to start within two to three weeks, following the completion of its $1 billion transaction with Qatar Petroleum, Yara said in its second-quarter report on Friday. The Oslo-based company had said in March it would consider extraordinary dividends and/or buybacks following the deal.
“Yara’s financial situation is robust, with strong cash flow from operations and declining capital expenditure due to strong capital discipline,” the company said. “The board will consider further cash returns in connection with Q3 and Q4 results, in line with its capital allocation policy.”
Yara will buy 3.2% of its outstanding shares in the market by the end of the first quarter, with the Norwegian government -- which owns 36% of the company -- selling a proportionate stake separately.
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