SASKATOON, SK and CALGARY, AB–(Marketwired – September 07, 2017) – Potash Corporation of Saskatchewan Inc. (PotashCorp) (TSX: POT) (NYSE: POT) and Agrium Inc. (TSX: AGU) (NYSE: AGU) today 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 the U.S., the parties are working with the Canadian Competition Bureau and the Federal Trade Commission to resolve final issues in superphosphoric 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.
Upon closing the merger transaction, the new company will be named Nutrien. As the largest global provider of crop inputs and services, Nutrien will play a critical role in “Feeding the Future” by helping growers to increase food production in a sustainable manner.
Additional information on the merger between Agrium and PotashCorp can be found at the following website http://www.worldclasscropinputsupplier.com/. Information about Agrium and PotashCorp can be found under their respective corporate profiles on SEDAR at www.sedar.com or on EDGAR at www.sec.gov, respective websites at www.agrium.com and www.potashcorp.com, or by contacting the representatives below.