PotashCorp and Agrium are getting ready to leave behind their old names after the completion of their planned tie-up, which would create a crop nutrient group with a market capitalisation of almost $30bn.
The post-merger entity will be called “Nutrien”, the companies announced on Wednesday. They added that the regulatory review process was ongoing and that they expect the deal to close in the third quarter of this year.
Saskatchewan’s PotashCorp, one of the world’s largest potash producers, agreed to combine with smaller rival Agrium in September, amid a significant shakeup in the agri-chemical sector prompted by plummeting commodity and equity prices.
Under the all-share deal, PotashCorp shareholders would receive 0.4 shares of the new company, Nutrien, while Agrium investors will get 2.230 shares for each Agrium stock.
When the deal was announced, the companies said the new entity would have generated 2015 sales of about $20.6bn and earnings before interest, tax, depreciation and amortisation of $4.7bn before synergies.