Norsk Hydro, the Norwegian energy and materials company, has appointed UBS and ABG Sundal Collier, the Norwegian bank, as managers for the flotation of Agri, the fertiliser unit it plans to spin off next year.

Goldman Sachs had been seen as the lead contender to advise the flotation. Norsk Hydro said earlier this year it had consulted the bank on the decision to spin off Agri, although Goldman did not have a formal advisory mandate.