Canada Approves Agrium – PotashCorp Merger1 year ago -
Potash Corporation and Agrium Inc. announced that the Canadian Competition Bureau (CBB) granted unconditional regulatory approval for the proposed merger of equals by issuing a no-action letter dated Sept. 11.
The CCB concluded that the proposed transaction is not likely to lead to a substantial lessening or prevention of competition with respect to potash fertilizer, phosphate fertilizers and nitric acid. The CCB found that global prices of potash are correlated with prices in Canada and that customers can source potash from multiple suppliers. The issuance of the no-action letter satisfies the Canadian regulatory condition of closing of the proposed merger of equals transaction.
The companies previously received unconditional clearance for the merger in both Brazil and Russia. The regulatory review and approval process continues in the U.S., China and India and the parties expect to close the transaction by the end of the fourth quarter of 2017.
Upon closing the merger transaction, the new company will be named Nutrien and will be the largest global provider of crop inputs and services.
For additional information on the merger between Agrium and PotashCorp, go to http://www.worldclasscropinputsupplier.com/.