Incitec Pivot has terminated talks with PT Pupuk Kalimantan Timur concerning the sale of its fertilisers business, Incitec Pivot Fertilisers.

The firm stopped negotiations after evaluating shareholder value maximisation and transaction completion risks.

With the sale process concluded, Incitec Pivot can initiate its on-market share buyback program worth up to $900 million.

The company will immediately focus on executing the buyback to benefit shareholders.