An Indian appellate court has approved a settlement reached between the merger parties and the Competition Commission of India (CCI) and has directed the CCI to issue a clearance order. Approval by the CCI is conditional on the companies’ commitment to divest PotashCorp’s minority shareholdings in Arab Potash Co. Israel Chemicals Ltd and Sociedad Quimica y Minera de Chile S.A. within an 18 month period after the order issuance. The companies are permitted to consummate the merger before the divestments.
The merger has been granted unconditional clearance in Canada, Russia and Brazil. The regulatory review and approval process is still on going in the US and China, and the parties are reportedly expecting to close the transaction by the end of 4Q17.
Once the merger transaction closes, the new company will be called Nutrien. The company will be a major global provider of crop inputs and services, and will play a significant role in ‘feeding the future’ by helping growers to increase food production sustainably.
Read the article online at: https://www.worldfertilizer.com/potash/19102017/agrium-and-potashcorp-merger-receives-approval-in-india/