Agrium, PotashCorp provides update on planned merger
Potash Corporation of Saskatchewan Inc (PotashCorp) and Agrium Inc (AGU) provided an update on the status of the proposed merger of equals transaction.
The regulatory review and approval process has progressed in all remaining jurisdictions. In Canada and US, the parties are working with the Canadian Competition Bureau and the Federal Trade Commission to resolve final issues in super phosphoric acid (SPA) and nitric acid.
The companies have also been informed that the Ministry of Commerce (MOFCOM) in China and, independently, the Competition Commission of India (CCI) intend to condition their respective approvals of the proposed transaction on the divestment of certain of PotashCorp's offshore minority ownership interests.
The remedies under consideration are not expected to impact the estimated $500-million of annual operating synergies. Both companies remain highly confident in consummating the merger of equals, but now expect to close the transaction by the end of the fourth quarter of 2017.
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