The world’s largest fertilizer company has to sell its minority stakes in three foreign-owned companies, valued at almost US$4 billion, to secure approval from the Indian government’s antitrust bureau to proceed with its proposed multi-billion-dollar merger.
An appellate court said this week that the Competition Commission of India’s approval of Potash Corp. of Saskatchewan Inc.’s proposed merger with Agrium Inc. is conditional on the Saskatoon company selling the holdings within 18 months.
“This is another milestone reached on the road to a successful conclusion of the merger,” PotashCorp spokesman Randy Burton said. “The review process continues in both China and the U.S. and we expect to close the transaction by the end of the fourth quarter of 2017.”
Announced in September 2016, the proposed merger would create Nutrien Ltd., a company valued at US$26 billion dollars with about 20,000 employees and operations in 18 countries. It would also consolidate six of Saskatchewan’s 10 potash mines.
A lack of communication about how the merger will affect the combined company’s operations means PotashCorp and Agrium miners are working under a cloud of uncertainty, according to the Saskatchewan Potash Council, which represents the province’s unionized miners.
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