Earlier this week Agrium and Potash Corporation received U.S. Federal Trade Commission clearance, sealing the final regulatory approval needed for their merger. Pending the companies meet all closing conditions the transaction will close Jan. 1, 2018.
"This final clearance marks a significant milestone in bringing two industry leaders together," said Chuck Magro, President and Chief Executive Officer of Agrium. "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."
The new company will be named Nurtien and provide potash, nitrogen and phosphate to global consumers. The companies say it will be the third largest natural resource company in Canada and it will generate about $500 million in annual operating synergies.
Headquarters of the new company will be in Saskatoon, Canada. The new company will appear on the Toronto Stock Exchange and the New York Stock Exchange on Tuesday, Jan. 2, under the symbol “NTR.”
"We are pleased to have received final regulatory clearance and look forward to the formation of Nutrien," said Jochen Tilk, President and Chief Executive Officer of PotashCorp. "Nutrien will build upon the impressive legacies and best practices of both companies to create long-term value for all our stakeholders."