SASKATOON and CALGARY, Nov. 7,
2017 /CNW/ - Potash Corporation of Saskatchewan Inc.
(PotashCorp) (TSX and NYSE: POT) and Agrium Inc. (TSX and NYSE:
AGU) today announced that China's
Ministry of Commerce ("MOFCOM") has approved their proposed merger
of equals transaction.
MOFCOM's approval will be conditioned on the parties' commitment
to divest PotashCorp's minority shareholdings in Arab Potash
Company and Sociedad Quimica y Minera de Chile S.A. within 18
months and Israel Chemicals Ltd. within 9 months from the closing
of the merger transaction. The companies are permitted to
consummate the merger prior to the divestments.
The approval is also conditioned on the commitment to convert
PotashCorp's equity interest in Sinofert Holdings Limited to a
passive investment prior to the closing of the merger transaction
and ensure that Canpotex remains a stable, reliable and dedicated
supplier of potash to China.
The companies have now received clearance for the merger in
Brazil, Canada, China, India
and Russia. The regulatory review
and approval process continues in the U.S. 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. As the largest global provider of crop inputs and
services, Nutrien will play a critical role in "Feeding the Future"
by helping growers to increase food production in a sustainable
manner.
Additional information on the merger between Agrium and
PotashCorp can be found at the following website
http://www.worldclasscropinputsupplier.com/. Information about
Agrium and PotashCorp can be found under their respective corporate
profiles on SEDAR at www.sedar.com or on EDGAR at www.sec.gov,
respective websites at www.agrium.com and www.potashcorp.com, or by
contacting the representatives below.
About PotashCorp
PotashCorp is the world's largest
crop nutrient company and plays an integral role in global food
production. The company produces the three essential nutrients
required to help farmers grow healthier, more abundant crops. With
global population rising and diets improving in developing
countries, these nutrients offer a responsible and practical
solution to meeting the long-term demand for food. PotashCorp is
the largest producer, by capacity, of potash and one of the largest
producers of nitrogen and phosphate. While agriculture is its
primary market, the company also produces products for animal
nutrition and industrial uses. Common shares of Potash Corporation
of Saskatchewan Inc. are listed on the Toronto Stock Exchange and
the New York Stock Exchange.
About Agrium
Agrium Inc. is a major global producer
and distributor of agricultural products, services and solutions.
Agrium produces nitrogen, potash and phosphate fertilizers, with a
combined wholesale nutrient capacity of approximately eleven
million tonnes and with significant competitive advantages across
our product lines. Agrium supplies key products and services
directly to growers, including crop nutrients, crop protection,
seed, as well as agronomic and application services, thereby
helping growers to meet the ever growing global demand for food and
fibre. Agrium retail-distribution has an unmatched network of
approximately 1,500 facilities and over 3,300 crop consultants who
provide advice and products to our grower customers to help them
increase their yields and returns on hundreds of different crops.
With a focus on sustainability, the company strives to improve the
communities in which it operates through safety, education,
environmental improvement and new technologies such as the
development of precision agriculture and controlled release
nutrient products. Agrium is focused on driving operational
excellence across our businesses, pursuing value-enhancing growth
opportunities and returning capital to shareholders. For more
information visit: www.agrium.com
Forward-Looking Statements
Certain statements and other information included in this
press release constitute "forward-looking information" or
"forward-looking statements" (collectively, "forward-looking
statements") under applicable securities laws. All statements in
this press release, other than those relating to historical
information or current conditions, are forward-looking statements,
including, but not limited to: the completion of the proposed
transaction and the expected completion date of the proposed
transaction.
Forward-looking statements in this press release are based on
certain key expectations and assumptions made by Agrium and
PotashCorp, including expectations and assumptions concerning the
time necessary to satisfy the conditions to the closing of the
transaction, including the regulatory approvals in connection
therewith and the nature and timing of expected remedies associated
with such regulatory approvals. The anticipated closing date may
change for a number of reasons, including due to the need for
additional time to satisfy the conditions to the completion of the
transaction, including the receipt of the regulatory approvals
and/or execution of any remedies relating thereto. Although Agrium
and PotashCorp believe that the expectations and assumptions on
which such forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because Agrium and PotashCorp can give no assurance that
they will prove to be correct. Forward-looking statements are
subject to various risks and uncertainties which could cause actual
results and experience to differ materially from the anticipated
results or expectations expressed in this press release. Key risks
and uncertainties include, but are not limited to: Agrium and
PotashCorp being unable to satisfy conditions to closing of the
proposed transaction, including receipt of regulatory approvals, at
all or within the timeframe set out in this press release; changes
in government policy, government ownership requirements, changes in
environmental, tax and other laws or regulations and the
interpretation thereof; and other risk factors detailed from time
to time in Agrium and PotashCorp reports filed with the Canadian
securities regulatory authorities and the United States Securities
and Exchange Commission. The anticipated timeline for completion of
the transaction may change for a number of reasons, including the
need for additional time to satisfy the conditions to the
completion of the transaction, including receipt of regulatory
approvals in particular. As a result of the foregoing, readers
should not place undue reliance on the forward-looking statements
contained in this press release concerning the timing of the
transaction.
Agrium and PotashCorp disclaim any intention or obligation to
update or revise any forward-looking statements in this press
release as a result of new information or future events, except as
may be required under applicable U.S. federal securities laws or
applicable Canadian securities legislation.
SOURCE Potash Corporation of Saskatchewan Inc.