Incitec Pivot said advanced negotiations are underway with PT Pupuk Kalimantan Timur, an Indonesian fertiliser producer, regarding the divestiture of its fertilisers business, Incitec Pivot Fertilisers.

The potential sale involves cash consideration and PKT's commitment to supply fertilisers to Australia, retain Incitec Pivot Fertilisers' workforce, and pursue growth opportunities within the country.

Finalisation depends on binding documents and approvals, including from the Foreign Investment Review Board.

Incitec Pivot postponed its share buyback program until the divestiture concludes.