Italian police have seized a yacht owned by Andrey Melnichenko, owner of leading European fertilizer producer EuroChem, days after the Russian billionaire was hit with EU sanctions related to the invasion of Ukraine, and the deal to acquire the Borealis nitrogen assets collapsed.
Another European chemicals deal has been torpedoed by the Russian invasion of Ukraine. Borealis has announced it will not go ahead with plans to sell its nitrogen business, including fertilizer, melamine and technical nitrogen products, to Russian-owned, Swiss-based fertilizer producer EuroChem.
EuroChem, a Russian-owned fertilizer producer headquartered in Zug, Switzerland, has entered into exclusive negotiations to buy Borealis’s nitrogen business, making a binding offer of €455 million. The deal could complete in the second half of 2022.
