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Potash Corp. of Saskatchewan (TSX:POT) announced it is buying a 9.5% stake in Brazil’s Fertilizantes Heringer S.A. (Heringer) for US $55.7 million.
Potash Corp. of Saskatchewan (TSX:POT) announced it is buying a 9.5% stake in Brazil’s Fertilizantes Heringer S.A. (Heringer) for US $55.7 million.
As quoted in the market news,
The agreement is subject to regulatory approvals in Brazil and is expected to close during the second half of 2015. Once finalized, the arrangement also paves the way for a long-term potash supply agreement which allows PotashCorp the opportunity to become Heringer’s principal supplier over time.
CEO Jochen Tilk stated:
We see this agreement as an important step in enhancing our global growth strategy and one that provides flexibility for our expanding New Brunswick operations.
.Click here for the Potash Corp. of Saskatchewan (TSX:POT) press release