The ministry’s approval will reportedly be conditioned on the companies' commitment to divest PotashCorp's minority shareholdings in Arab Potash Co. 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.
In addition to this, MOFCOM’s approval is also conditioned on the commitment to convert PotashCorp's equity interest in Sinofert Holdings Ltd to a passive investment before the closing of the merger transaction and ensure that Canpotex continues to be a stable, reliable and dedicated supplier of potash to China.
Clearance for the merger has now been received in Brazil, Canada, China, India and Russia. The regulatory review and approval process in the US, meanwhile, is continuing, and the parties expect to close the transaction by the end of 4Q17.
Upon closing the merger transaction, the new company will be called Nutrien. The company will be a key global provider of crop inputs and services, and will play a critical role in ‘Feeding the Future’ by helping growers to increase food production sustainably.
Read the article online at: https://www.worldfertilizer.com/potash/08112017/agrium-and-potashcorp-merger-approved-by-chinas-ministry-of-commerce/
You might also like
The company has announced a new joint venture developing green ammonia and fertilizer projects with the focus on Central America and the Caribbean.