PotashCorp, Agrium merger gets final thumbs up; Nutrien to trade from Jan 2
VANCOUVER (miningweekly.com) – Canadian plant nutrient companies Agrium Inc and Potash Corporation of Saskatchewan have received clearance from the US Federal Trade Commission and have now obtained all regulatory approvals required to close their proposed merger of equals transaction.
The partners expect the merger, which will establish a new $36-billion entity, to close on January 1, subject to normal closing conditions.
"This final clearance marks a significant milestone in bringing two industry leaders together. 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,” Agrium president and CEO Chuck Magro said in a statement on Wednesday.
The new entity will be named Nutrien, and its equity is expected to start trading on the TSX and the NYSE under the ticker symbol ‘NTR’ at the opening of market on January 2.
Trading of Agrium and PotashCorp common shares is expected to be suspended at the opening of market on January 2, and will be delisted at the close of market on the same day.
The companies advised in a joint statement that 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. 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 elections forms.
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