SASKATOON and CALGARY, Sept. 7,
2017 /PRNewswire/ - Potash Corporation of Saskatchewan Inc.
(PotashCorp) (TSX and NYSE: POT) and Agrium Inc. (TSX and NYSE:
AGU) today provided an update on the status of the proposed merger
of equals transaction.
The regulatory review and approval process has progressed in all
remaining jurisdictions. In Canada
and the US, the parties are working with the Canadian Competition
Bureau and the Federal Trade Commission to resolve final issues in
superphosphoric acid (SPA) and nitric acid.
The companies have also been informed that the Ministry of
Commerce (MOFCOM) in China and,
independently, the Competition Commission of India (CCI) intend to condition their
respective approvals of the proposed transaction on the divestment
of certain of PotashCorp's offshore minority ownership
interests.
The remedies under consideration are not expected to impact
the estimated $500-million of
annual operating synergies. Both companies remain highly confident
in consummating the merger of equals, but now 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. We supply 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 of the proposed
transaction; the anticipated remedies to be undertaken in
connection with the regulatory approvals for the proposed
transaction; and the estimated operating synergies associated with
the proposed transaction and the impact of the expected regulatory
remedies thereon.
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. These dates 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.