Fertilizer companies Agrium Inc and Potash Corp of Saskatchewan Inc said on Thursday they were told by regulators in India and China that they need to divest Potash’s offshore interests for their merger to be approved.
The all-stock merger, valued at $25 billion, was announced in September last year and will bring together Potash’s crop nutrient production capacity, the world’s largest, with Agrium’s farm retail network, North America’s biggest.
“Potash Corp has four offshore equity investments. There has been a request (to divest) three,” Agrium spokesman Richard Downey said.
The companies have not yet identified which offshore interests will be sold off, he said.
Both Potash and Agrium do not have a physical presence in India, but supply potash to the country through Canpotex Ltd, which they own with Mosaic Co.
The deal is now expected to close in the fourth quarter of 2017, the companies said.
By Ahmed Farhatha and Nivedita Bhattacharjee
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.