SASKATOON and CALGARY, Dec. 27,
2017 /CNW/ - Potash Corporation of Saskatchewan Inc.
(PotashCorp) (TSX and NYSE: POT) and Agrium Inc. (TSX and NYSE:
AGU) are pleased to announce today that they have received
clearance from the United States'
Federal Trade Commission and have now obtained all regulatory
approvals required to close their proposed merger of equals
transaction. The transaction is expected to close effective
January 1, 2018 and remains subject
to customary closing conditions.
"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."
"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."
With the closing of the transaction on January 1, 2018, the common shares of Nutrien are
expected to commence trading on the Toronto Stock Exchange (TSX)
and the New York Stock Exchange under the ticker symbol "NTR" at
the opening of market on January 2,
2018. Trading of Agrium common shares and PotashCorp common
shares is expected to be suspended at the opening of market on
January 2, 2018, and such shares will
be delisted at the close of market on the same date. Cash
entitlements in lieu of fractional Nutrien common shares will be
based on the trading price of the Nutrien common shares on the TSX
on the first five days of trading on such exchange. Such
entitlements will be delivered as soon as practicable thereafter to
former Agrium and PotashCorp shareholders who have submitted their
duly completed letters of transmittal and elections forms in
accordance with the procedures described in the applicable letter
of transmittal and election form.
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, the expected completion date thereof and the timing
for commencement of trading of Nutrien common shares and the timing
for the suspension of trading and delisting of Agrium common shares
and PotashCorp common shares.
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 remaining customary conditions to the
closing of the transaction. These dates may change for a number of
reasons, including the need for additional time to satisfy
conditions to the completion of the transaction. 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.
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.
Agrium Contacts
Investor/Media Relations:
Richard Downey
Vice President, Investor & Corporate Relations
(403) 225-7357
Todd Coakwell
Director, Investor Relations
(403) 225-7437
aginvest@agrium.com
PotashCorp Contacts
Investors:
Denita Stann
Senior Vice President, Investor and Public Relations
(306) 933-8521
IR@potashcorp.com
Media:
Randy Burton
Director, Public Relations and Communications
(306) 933-8849
SOURCE Potash Corporation of Saskatchewan Inc.
