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Article: Grande Paroisse to reduce capital. (Nitrogen Industry News).(Brief Article)
- Article from:
- Nitrogen & Methanol
- Article date:
- March 1, 2002
CopyrightCOPYRIGHT 2002 BCInsight LTD. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Stricken French fertilizer producer Grande Paroisse, still reeling from the ammonium nitrate explosion at its Toulouse plant last September which killed 31 people, has reduced its shareholders' capital to pay for the [euro]1.8bn damages that it has been found liable for. The company's insurance will cover only [euro]850m of this figure, and so at a shareholders' meeting in February the company voted to take an [euro]950m charge to its 2001 accounts to cover the remainder. Part of the funds will come from a reduction in share capital from [euro]45.6m to [euro]3m. Grande Paroisse is an 80% owned subsidiary of TotalFinaElf's ...