BASF Sells Fertilizer Division To EuroChem

Germany's BASF SE says it has sold its Belgium-based fertilizers business to EuroChem of Russia in a deal worth $1.1 billion.

BERLIN (AP) -- Germany's BASF SE says it has sold its Belgium-based fertilizers business to EuroChem of Russia in a deal worth €830 million ($1.1 billion).

BASF said Monday that antitrust authorities have approved the sale and it expects to book a pre-tax gain of about €600 million on the deal in its first-quarter results.

The chemicals, plastics and oil company says the total sale price for its fertilizer activities in the Belgian city of Antwerp includes a deferred payment of €130 million due between 2013 and 2016.

It says some 330 employees have been transferred to a new EuroChem subsidiary, EuroChem Antwerpen NV.

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