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
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