UPDATE 2-Norway's Yara says finance chief to lead merger talks after CEO fired

Tue Oct 7, 2014 8:53am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* CEO could not be part of potential merged firm-chairman

* Ouster comes after incoming CEO withdrew from job

* Yara in talks with rival to create fertiliser giant

* Yara CFO appointed as acting CEO (Rewrites first paragraph, adds chairman, analyst comments, updates share)

By Joachim Dagenborg and Gwladys Fouche

OSLO, Oct 7 (Reuters) - Norwegian fertiliser maker Yara International has fired Chief Executive Joergen Ole Haslestad, saying he was unsuitable to lead merger talks with Chicago-based CF Industries which would continue under its finance chief.

Yara and CF said last month they were in early-stage talks about a "merger of equals" that would create a $27 billion rival to world number one fertilizer producer Potash Corp. Details of any deal have not been revealed.

Yara Chairman Leif Teksum told Reuters the board wanted an executive who could lead merger talks with CF and who could have a role in a merged company. Haslestad was originally set to retire next year after leading Yara since 2008.

"Since Haslestad wasn't going to play any (post-merger) role, we believed it was important to put in place a person who was capable of delivering the merger conditions we'd potentially agree on," Teksum said.   Continued...