Documents released under the Freedom of Information Act show that Bear Sterns, the U.S. merchant bank, was hired last year to find a buyer for the troubled fertilizer company. The government — which owns 51 percent of the company — agreed to pay its share of the fees.
Bear Sterns had failed to find a buyer but had been in talks with the Finish chemicals group Kemira, which had expressed an interest in IFI. Kemira decided subsequently not to proceed with the revised deal and IFI was put into liquidation the following month.
The documents also reveal that at this stage the T