Russia-Ukraine War Impact Borealis Rejects Eurochem Offer for Acquiring its Nitrogen Business
Borealis has declined Eurochem’s offer to take over its nitrogen business which includes fertilizer, melamine and technical nitrogen products. The move has been undertaken in the background of recent developments i.e. Russia’s invasion of Ukraine and the various sanctions imposed by countries on Moscow.
Vienna/Austria – Borealis has decided to decline the binding offer it received from Eurochem on February 2, 2022 for the acquisition of Borealis’ nitrogen business including fertilizer, melamine and technical nitrogen products.
“We have closely assessed the most recent developments around the war in the Ukraine and sanctions that have been put in place,” comments Thomas Gangl, Borealis CEO. “As a consequence, we have decided to decline Eurochem’s offer for the acquisition of Borealis’ nitrogen business including fertilizer, melamine and technical nitrogen products.”
Borealis will now consider various options regarding the future of its nitrogen business.