Agrium and PotashCorp Announce Receipt of Regulatory Approval in China

Potash Corporation of Saskatchewan (PotashCorp) (TSX: POT) (NYSE: POT) and Agrium (TSX: AGU) (NYSE: AGU) today announced that China’s Ministry of Commerce (“MOFCOM”) has approved their proposed merger of equals transaction.

MOFCOM’s approval will be conditioned on the parties’ commitment to divest PotashCorp’s minority shareholdings in Arab Potash Company and Sociedad Quimica y Minera de Chile S.A. within 18 months and Israel Chemicals Ltd. within 9 months from the closing of the merger transaction. The companies are permitted to consummate the merger prior to the divestments.
The approval is also conditioned on the commitment to convert PotashCorp’s equity interest in Sinofert Holdings Limited to a passive investment prior to the closing of the merger transaction and ensure that Canpotex remains a stable, reliable and dedicated supplier of potash to China.

Click here to read the full text release.