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ISS recommends investors back merger

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World Fertilizer,

According to Reuters, Institutional Shareholder Services (ISS) has recommended that investors in Agrium Inc. and Potash Corp of Saskatchewan support a merger of the companies.

The US$26 billion all-stock deal combines Potash's crop nutrient production capacity with Agrium's farm retail network.

Potash executives would collect payments of US$24.7 million and Agrium executives would get US$20.4 million to compensate them for a change in control of the companies, Reuters reported.

Agrium shareholders will meet to vote in Calgary, Alberta on 3 November, while Potash investors meet in Saskatoon, Saskatchewan. Potash shareholders are expected own 52% of the new company.

The deal requires two-thirds approval by shareholders of each company.

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