Yara International, the fertiliser unit of Norsk Hydro is to be spun-off from parent in an initial public offering (IPO) in March expected to raise $500m (€400.5m). It will be the first sizeable Nordic flotation for nearly two years.

Norsk Hydro is selling off 20% of the business, which has a market capitalisation of around $2.5bn (€2bn), according to a source close to the deal. This would value the offering at approximately $500m.