Potash Corporation of Saskatchewan Inc. (PotashCorp) (TSX and NYSE: POT) and Agrium Inc. (TSX and NYSE: AGU) announced on October 18, 2017 that India has approved their proposed merger of equals transaction.
An Indian appellate court has approved a settlement reached between the merger parties and the Competition Commission of India (“CCI”) and has directed the CCI to issue a clearance order. The CCI’s approval will be conditioned on the parties’ commitment to divest PotashCorp’s minority shareholdings in Arab Potash Company, Israel Chemicals, Ltd. and Sociedad Quimica y Minera de Chile S.A. within a period of 18 months from the issuance of the order. The companies are permitted to consummate the merger prior to the divestments.
The companies previously received unconditional clearance for the merger in Canada, Brazil and Russia. The regulatory review and approval process continues in the U.S. and China 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. 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.by