Cnooc plans fertilizer arm listing
28 August 2006
China National Offshore Oil Corp will start talking informally with potential investors about the stock-market listing of its chemical fertilizer unit, a deal that could raise as much as US$400 million, the Wall Street Journal reported, citing people familiar with the situation. The unit, China Blue Chemical, plans to sell about 10% of its initial public offering to a Norwegian chemical fertilizer company, Yara International ASA, a source told the newspaper. China Blue, which aims to list on the Hong Kong stock exchange on September 29, may also sell part of the offering to some tycoons in that city. J.P. Morgan Chase & Co and UBS AG are advisers and underwriters of the share sale.
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