Sector News

Agrium, PotashCorp receive final approval for merger

December 29, 2017
Chemical Value Chain

PotashCorp and Agrium announced on Wednesday that they have received approval from the United States Federal Trade Commission (FTC) for their planned merger, which they expect to close on 1 January 2018.

The FTC’s decision was the last regulatory approval needed to close the transaction. The approval was subject to the sale of Agrium’s Conda, Idaho, superphosphoric acid facility to Itafos; and its North Bend, Ohio, nitric acid facility to Trammo. Both divestitures were announced in November.

“This final clearance marks a significant milestone in bringing two industry leaders together,” says Chuck Magro, president and CEO of Agrium. “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.”

The combined company will be named Nutrien upon closing. It will be the largest crop nutrient firm in the world, with about $20.6 billion/year in revenues.

Common shares of Nutrien are expected to commence trading on the Toronto Stock Exchange (TSX) and the New York Stock Exchange under the ticker symbol “NTR” at the opening of market on 2 January 2018. Trading of Agrium common shares and PotashCorp common shares is expected to be suspended at the opening of market on the same day, with such shares to 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 such 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 election forms in accordance with the procedures described in the applicable letters of transmittal and election forms.

By Rebecca Coons

Source: Chemical Week

comments closed

Related News

June 24, 2022

BASF to build commercial scale battery recycling black mass plant in Schwarzheide, Germany

Chemical Value Chain

BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.

June 24, 2022

Clariant restructures business units, reorganizes leadership

Chemical Value Chain

Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.

June 24, 2022

Chemicals & Plastics Procurement: what to expect in the second half of 2022

Chemical Value Chain

Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.