Nutrien to sell MOPCO stake to Egypt, settle arbitration claims

Dec 18 (Reuters) - Canada’s Nutrien Ltd, on Friday said it would sell its entire stake in Misr Fertilizers Production Co SAE (MOPCO) to Egypt and settle related arbitration claims for total gross proceeds of $540 million.

The Canadian fertilizer maker said its investment in MOPCO has historically contributed $15 million to $20 million per year to its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).

Under the agreement, Nutrien said it would settle all arbitration claims it had made against the government of Egypt and MOPCO’s affiliate, the Egyptian Nitrogen Products Co SAE, after the deal closes.

Reporting by Shradha Singh in Bengaluru; Editing by Devika Syamnath