Loading Posts...

Yara International to sue Russia’s Acron over joint-venture dispute

Yara International to sue Russia’s Acron over joint-venture dispute

OSLO (AFX) – Yara International ASA has confirmed it is to take legal action against Acron, the Russian chemicals group, over a dispute regarding the two companies’ joint venture, Nordic Rus Holdings.
The Norwegian fertiliser-to-chemicals group said it is to take legal action in the Stockholm Arbitrary Court to resolve a lengthy dispute about its stake in Nordic Rus, which was set up in 1997 as a 49-51 pct joint venture between Yara and Acron.

Nordic Rus was established to enable Yara and Acron to pool their stakes in Apatit, a Russian chemicals firm.

However Yara now claims its Russian partner has illegitimately taken control of the joint venture, and is treating it ‘as a wholly-owned subsidiary’.

The Norwegian firm says Acron exercises its influence over Apatit ‘with no regard to Yara’s requests or interests’.
As a result, Yara says it wants the joint-venture dissolved and its 8.2 pct stake in Apatit returned.

alastair.reed@thomson.com

ar/cmr

COPYRIGHT

Copyright AFX News Limited 2006. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

Leave a Reply

Loading Posts...
%d bloggers like this: