Top fertiliser maker Incitec Pivot has tapped Indonesia’s Pupuk Kaltim as preferred buyer of its big Australian fertilizer business, according to Australian Financial Review.

The unit is expected to be worth about A$1.5 bln.

Incitec and Pupuk Kaltim did not immediately respond to requests for comments.

More than 5 mln shares change hands, compared with the 30-day average volume of 7.9 mln shares.

Five of 11 analysts rate the stock “buy” or higher and six “hold”; their median PT is A$3.32 – Refinitiv data.

The stock had fallen 19.4% this year, as of last close.

Incitec Pivot is a top fertiliser maker based in Australia.