Incitec Pivot Limited (ASX:IPL) announced the intention to demerge Incitec Pivot Fertilizers Business on May 23, 2022. Post completion, Incitec Pivot Fertilizers Business will be demerged under a standalone entity, named as Incitec Pivot Fertilizers Limited, which will seek listing on ASX. If the separation by way of demerger is approved and implemented, Incitec Pivot Limited shareholders will receive shares in Incitec Pivot Fertilizers Limited in proportion to their existing shareholding in Incitec Pivot Limited and will also retain their existing Incitec Pivot Limited shares.

In a related transaction, Incitec Pivot Limited announced the intention to demerge Dyno Nobel business on May 23, 2022. If the separation by way of demerger is approved and implemented, IPL shareholders will receive shares in Incitec Pivot Fertilisers Limited in proportion to their existing shareholding in IPL, and will also retain their existing IPL shares, which will be rebranded Dyno Nobel Limited. Stephan Titze (President – Incitec Pivot Fertilisers) has left the Company on September 30, 2022.

The transaction is subject to obtaining approvals from Board of Directors and shareholders of Incitec Pivot Limited. The conditions also include approvals from court, regulatory and third-party approvals. Transaction is expected to complete in early 2023.

On November 15, 2022, With the strategic review of Waggaman, timing of the demerger of the Incitec Pivot Fertilisers and Dyno Nobel businesses is likely to be extended by 6 to 12 months. Macquarie Securities (Australia) Ltd. and UBS Group AG (SWX:UBSG) are acting as financial advisers and King & Wood Mallesons is acting as legal adviser to Incitec Pivot Limited.