Germany's BASF has signed a contract with Russia-based EuroChem to sell its fertiliser activities in Antwerp, Belgium.
BASF also plans to sell its 50% share of the joint venture PEC-Rhin in Ottmarsheim, France, to EuroChem.
The total transaction value is expected to be around €700m.
The fertiliser business includes production of about 2.5 million tons of fertiliser a year.
EuroChem CEO Dmitry Strezhnev said with the acquisition of BASF's fertiliser complex, EuroChem will be gaining high-quality production assets with superior logistics that will provide further geographical diversification and improve its proximity to European customers.
The deal is anticipated to complete by the end of the first quarter of 2012.
