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.
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