Agrium, PotashCorp shareholders vote on merger next month

(Dave Bedard photo)

Reuters — Agrium and PotashCorp shareholders will hold separate meetings next month to vote on a merger agreement between the two fertilizer companies, they said in a filing on Thursday.

The all-stock deal would combine Potash’s crop nutrient production capacity, the world’s largest, with Agrium’s farm retail network, North America’s biggest.

Agrium shareholders will meet in Calgary on Nov. 3, while PotashCorp investors meet the same day in Saskatoon. PotashCorp shareholders would own 52 per cent of the new company.

The deal, which requires two-thirds approval by shareholders of each company, is expected to be completed by mid-2017, pending regulator review.

The companies began discussing in March 2015, ways to combine phosphate fertilizer assets, but they eventually broadened discussions into a merger in February this year, according to the filing.

Reporting for Reuters by Rod Nickel in Winnipeg.

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