OCP buys Bunge's stake in Moroccan fertiliser JV

OCP Group will acquire Bunge Ltd’s 50% stake in their Moroccan fertiliser joint venture, Bunge Maroc Phosphore SA (BMP). The JV was formed in 2008 to produce fertilisers in Morocco and serve as an additional source of phosphate-based raw materials and intermediate products for Bunge's fertiliser businesses in South America.
 
“Bunge Maroc Phosphore has played an important role in meeting our fertiliser supply needs in South America. However, with the sale of our fertiliser business in Brazil, the opportunity for OCP to acquire our interest in the joint venture at this time makes strategic sense for both parties,” said Soren Schroder, Chief Executive Officer, Bunge Ltd, in a press release.
 
“Bunge Maroc Phosphore has been a key component of OCP’s strategy and commitment in Latin America. This acquisition further reinforces that commitment. Furthermore, we will now be able to fully integrate BMP in OCP’s production system which will provide for greater industrial optimization of the Jorf industrial platform,” said Mhamed Ibnabdeljalil, EVP and Chief Commercial Officer, OCP.

The transaction is expected to close by the end of 2013, subject to customary closing conditions, including regulatory approval in Brazil.