RABAT, Oct. 23 (Xinhua) -- Morocco's state-owned phosphate company OCP announced on Tuesday that it has completed acquisition of 20 percent stake of Fertinagro, Spain's largest fertilizer manufacturer, by way of a capital increase.
All required regulatory approvals have been obtained and the capital increase has been approved by Fertinagro's shareholders, OCP said in a statement.
As part of the transaction, Fertinagro and OCP have signed an intellectual property and know-how license agreement as well as a co-development agreement.
The agreements are in line with OCP's strategic pillars to boost innovation and offer customized fertility solutions to meet farmers' specific needs around the world, the statement pointed out.
Through this partnership, OCP and Fertinagro intend to join forces in further developing innovative products and solutions for the agriculture and plant nutrition, as well as carry out further growth through joint industrial and commercial projects in the next few years, the same source noted.
"The strategic partnership we concluded with Fertinagro Biotech is a new step towards achieving our global growth strategy focusing on creating innovative, customized plant nutrition solutions adapted to crops and soils, to address the specific needs of farmers around the world," said chairman of OCP Group, Mostafa Terrab.
Terrad added that "this alliance intend to deliver more opportunities ahead as we grow together leveraging on both companies' complementary strength and capabilities."
Fertinagro is a major Spanish fertilizer company dedicated to the production and commercialization of plant nutrition solutions.
