Agrium, PotashCorp merger obtains final regulatory clearance

Companies set closing date for Jan. 1, 2018.

Potash Corporation of Saskatchewan Inc. (PotashCorp) and Agrium Inc. recently announced that they have received clearance from the U.S. Federal Trade Commission and have now obtained all regulatory approvals required to close their proposed merger of equals transaction. The transaction is expected to close on Jan. 1, 2018, but remains subject to customary closing conditions.

"This final clearance marks a significant milestone in bringing two industry leaders together," Agrium president and chief executive officer Chuck Magro said. "Given our extensive integration planning work, we expect to move quickly upon closing to begin delivering on the many strategic benefits and synergy potential of this combination."

PotashCorp president and CEO Jochen Tilk said, "We are pleased to have received final regulatory clearance and look forward to the formation of Nutrien. Nutrien will build upon the impressive legacies and best practices of both companies to create long-term value for all our stakeholders."

With the closing of the transaction on Jan. 1, 2018, the common shares of Nutrien are expected to commence trading on the Toronto (Ont.) Stock Exchange (TSX) and the New York Stock Exchange under the ticker symbol "NTR" at the opening of the markets on Jan. 2, 2018. Trading of Agrium common shares and PotashCorp common shares is expected to be suspended at the opening of the market on Jan. 2, 2018, and such shares will be delisted at the close of market on the same date.

Cash entitlements in lieu of fractional Nutrien common shares will be based on the trading price of the Nutrien common shares on the TSX on the first five days of trading on the exchange. Such entitlements will be delivered as soon as practicable thereafter to former Agrium and PotashCorp shareholders who have submitted their duly completed letters of transmittal and elections forms in accordance with the procedures described in the applicable letter of transmittal and election form.

TAGS: Business
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.