ICI has no buyer for 49% of fertiliser firm

ICI confessed yesterday that it has still to find a buyer for its 49 per cent shareholding in Irish Fertiliser Industry (IFI) …

ICI confessed yesterday that it has still to find a buyer for its 49 per cent shareholding in Irish Fertiliser Industry (IFI) despite putting a "for sale" notice on the share stake last year. The majority 51 per cent controlling interest in IFI continues to be owned by the Government and a disposal of ICI's stake to a third party is likely to require the Government's approval. The ICI share price has fallen by more than 50 per cent from its £12.44 sterling peak last May. ICI's third-quarter profits fell from £132 million to £70 million before exceptional charges, goodwill and tax, mainly due to increased losses on industrial chemicals and adverse currency movements. The disappointing results were shrugged off by the share market, where ICI shares ended 7p higher at 506p.