THE vultures are already circling embattled Burrup Fertilisers, as the company is put on the auction block after falling into the hands of receivers on Friday.
The logical bidder is Norway's Yara International, which holds a 35 per cent stake, given it has pre-emptive rights to the fertiliser factory on the Karratha peninsula in Western Australia. However, it's uncertain whether the receivers, PPB Advisory, will decide to honour those rights.
The Foreign Investment Review Board approved the purchase of its initial stake, and is unlikely to block any deal, The Australian Financial Review reports.
Also expected to enter the fray is Wesfarmers' fertiliser arm CSBP, which the conglomerate has been unable to sell. CSBP could add Burrup and grow its chemicals and fertiliser division.
