The Canadian Competition Bureau has granted unconditional regulatory approval for the proposed merger of Potash Corporation and Agrium.
The Competition Bureau concluded that the proposed transaction is not likely to lead to a substantial lessening or prevention of competition with respect to potash fertilizer, phosphate fertilizers and nitric acid.
It found that global prices of potash are correlated with prices in Canada and that customers can source potash from multiple suppliers.
The bureau’s decision satisfies the Canadian regulatory condition of closing of the proposed merger of equals transaction.
The companies previously received unconditional clearance for the merger in Brazil and Russia.
The regulatory review and approval process continues in the U.S., China and India 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.