Potash Corporation of Saskatchewan Inc. has announced that its shareholders overwhelmingly voted to approve the company’s proposed merger of equals with Agrium Inc. at the Special Meeting of PotashCorp shareholders that was held yesterday.
More than 99% of the shares voted at the meeting were voted in favor of the merger, with approximately 494 million, or 59%, of PotashCorp’s outstanding shares voted at the meeting.
“Today’s vote demonstrates the strong support from shareholders for this merger and the opportunity to create a world-class integrated global supplier of crop inputs,” says Jochen Tilk, president and CEO of PotashCorp. “Together with Agrium, we will be even better positioned to grow and thrive in a highly-competitive global market with multiple paths for growth. We expect to generate significant value for shareholders and new opportunities for employees, while also better serving customers with low-cost, high-value products and services. We look forward to working with Agrium to realize the full value of our combination.”
Agrium separately announced today that its securityholders also overwhelmingly voted to approve the merger at a special meeting of Agrium securityholders.
As previously announced, the transaction is expected to close mid-2017, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and final approval by the Canadian court.