Incitec Pivot (ASX:IPL) completes $1B sale of Waggaman facility

Incitec Pivot completed the sale of its Waggaman, Louisiana, ammonia facility to CF Industries.

Incitec intends to return up to $1 billion of the sale proceeds to shareholders through a proposed on-market share buyback and a proposed distribution.

The company aims to buy back up to a maximum of 390,000,000 shares and undertake a pro-rata capital reduction, subject to shareholder approval.