Shareholders of Romanian natural gas producer Romgaz approved the acquisition of local fertilizer producer Azomures on July 6. The company formalized the decision through a statement filed with the Bucharest Stock Exchange.
The transaction is valued at approximately €69 million ($78.75 million). The deal involves the transfer of Azomures' operational activity as a going concern.
Romgaz pursued the takeover to stabilize Azomures, which faced frequent operational halts due to high natural gas prices. Natural gas serves as the primary feedstock for the domestic fertilizer production process.