WINNIPEG — PotashCorp and Agrium Inc. received clearance from the U.S. Federal Trade Commission today to merge, paving the way for the deal to close as of Jan 1.
“This final clearance marks a significant milestone in bringing two industry leaders together,” Agrium president Chuck Magro said in a joint news release between the two companies.
“We are pleased to have received final regulatory clearance and look forward to the formation of Nutrien,” PotashCrop president Jochen Tilk, said in the news release.
The merger had previously been approved by regulatory authorities in Canada, China, India, Russia and Brazil.
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The merger will create Nutrien Ltd., a company with 20,000 employees in 18 countries. PotashCorp is currently the world’s largest crop nutrient company while Agrium is a major global producer and distributor of agricultural products. With the merger, Nutrien will become the largest crop nutrient company in the world and the third largest natural resource company in Canada.
Since the merger was first announced in September 2016, it has caused a drop in fertilizer prices. Agrium and PotashCorp have said the merger will result in operational savings of around US$500 million and will better position them to give farmers low-cost, high-value products and services.
The new company will have two corporate offices: Calgary and Saskatoon. Magro will take over as president of Nutrien.
Nutrien shares will start trading on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol “NTR” at market open Jan. 2. Trading of Agrium and PotashCorp shares will stop at market open Jan. 2.
