Good evening,

Markets have been focused on Foreign Investment Review Board concerns attached to Incitec Pivot’s $1 billion-plus fertiliser divestment, but there could be another hurdle for the protracted sale process to clear.

Susan McDonald, Opposition resources spokeswoman and senator for Queensland, has told Street Talk she will push for a public examination into the sale of ASX-listed Incitec Pivot to a foreign-owned interest given the importance of its fertilisers and diesel fluid additive adblue to the Australian food chain and farmers up and down the East Coast.

Street Talk understands a deal with state-owned Indonesian group Pupuk Kaltim, tapped by the Incitec board as the preferred buyer of its fertilisers business last year, is on the table.

Senator McDonald said the FIRB-advised federal Treasurer’s decision to sell to a foreign entity should be made in the national interest and, as such, needs broader discussion of the supply impacts.

The shadow minister doesn’t have immediate concerns with a sale to an offshore party. However, she wants to see certain requirements attached to the potential sale to ensure the business continues to meet Australia’s needs and even expand supply, noting how the COVID-19 pandemic exposed fertilisers supply chain risks and shortages. She will also call for public consideration of the other two Australian-company bids, reported by Street Talk to be from Senex Energy and Wesfarmers.

“We need a public examination of this sale process given Incitec Pivot’s phosphorous-based fertilisers are an important material for Australian farmers,” Senator McDonald told Street Talk.

“We need a review of how it can be acquired and operated in Australia’s national interest, and what requirements can be attached to any approval that would ensure Australia’s largest fertiliser supplier continues to supply for Australia.”

Read the full story tomorrow and more on the Street Talk page.

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