The European Commission has cleared Praxair's acquisition of a 50% stake in Yara's industrial gases business. The final agreement for the 50/50 joint venture was completed on 30th November 2007.
The new joint venture will operate under the name Yara Praxair AS and will be based in Oslo.
The agreement will result in a one-time net income for Yara of more than NOK 700m, which will be booked in the fourth quarter 2007.
As stated in the press release of 16 May 2007, the intention of the JV is to jointly develop growth opportunities in the industrial gases sector in Scandinavia.