Canada’s two largest fertilizer companies are about to join forces after clearing a final regulatory hurdle for a merger.
PotashCorp and Agrium Inc say they have received regulatory permission from the U.S. Federal Trade Commission (FTC) to complete a deal that was announced more than 18 months ago.
The new company combining Potash Corporation of Saskatchewan and Agrium will be named Nutrien after the deal effectively closes on Jan. 1, subject to customary conditions.
Nutrien’s shares are expected to begin trading on the Toronto and New York stock exchanges on Jan. 2 under the symbol NTR. Shares of the two independent companies will be suspended at the same time.
In order to win approval from the United States Federal Trade Commission (FTC), Calgary-based Agrium had to sell assets in Idaho and Ohio. On Wednesday the proposals were accepted by the FTC. The approval of those sales is still subject to public comment until Jan. 29.
Once the merger goes through, Nutrien will become one of the world’s largest producers and retailers of fertilizer products, with about 20,000 employees operating in 18 countries.
The new company’s head office will be based in Saskatoon, with a corporate office in Calgary.
-With files from the Canadian Press