Ballance buys Yara stake

International fertiliser giant Yara Asia will be paid $48 million for its 20 per cent stake in the co-operative Ballance Agri-Nutrients.

Ballance said the purchase was completed with the full agreement of Yara, formerly known as Norsk Hydro, and that Yara had been an "extremely supportive shareholder".

"It has contributed significantly to the growth of the know-how we have been able to transfer to farmers," the co-op said.

The buy-out comes 3 1/2 years after Yara bought the stake from Fernz Corp for $37.8 million.

The purchase will be met from internal funds and bank credit, leaving the co-op an equity ratio of about 56 per cent.