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BERLIN, Dec 19 (Reuters) - German potash miner K+S has acquired a stake in a Saudi fertiliser maker, plus an option to acquire more, in order to take advantage of growing demand for fertiliser in irrigation systems in the region.
K+S said on Monday it will pay a between $7 million and $9 million for a 30 percent stake in Al-Biariq for Fertilizer Plant Co. It has also acquired an option to purchase a further 30 percent stake within two years of completing the transaction, which is scheduled for the second quarter of 2017.
"We are further strengthening the specialty business in the Potash and Magnesium Products business unit through this investment and can offer an even broader product portfolio in the future," K+S Chief Executive Norbert Steiner said in a statement. (Reporting by Victoria Bryan; Editing by Maria Sheahan)