The interim chief executive of explosives and fertilisers group Incitec Pivot has rejected suggestions the company might be squandering value by preparing to sell the downtrodden fertilisers business at a low point in the cycle.

Paul Victor, who became interim CEO in early June after the exit of Jeanne Johns, a key driver of a plan to demerge the explosives and fertiliser businesses, said on Monday that a potential buyer had completed due diligence on the fertilisers arm.