Yara buys Vale fertilizer complex in Brazil for $255 million

SAO PAULO (Reuters) - Norway’s Yara International ASA (YAR.OL), a global producer and distributor of fertilizers, has reached an agreement to buy Vale SA’s (VALE5.SA) fertilizer complex in Cubatão, Brazil, for $255 million in cash, the company said on Friday.

The deal, which Yara expects to be completed by the second half of next year, will give the Norwegian company the ability to produce in Brazil nitrogen-based fertilizers such as ammonium nitrate, largely used in sugar cane cultivation. Brazil is the world’s largest cane producer and processor.