Canada’s Agrium Inc and Potash Corp of Saskatchewan Inc agreed to combine in a deal that would create a fertilizer giant with an enterprise value of about $36 billion but also draw scrutiny from U.S. regulators.
Potash Corp, the world’s biggest crop nutrient company by capacity and Agrium, North America’s largest farm retailer, said the combined entity would be largest crop nutrient company in the world.
This merger, after the one between Monsanto and Bayer and the supposed one between ChemChina and Syngenta come during a tough period for fertiliser companies, because low crop prices and fertiliser oversupply has slashed the companies’ profits.
Following the close of the transaction, the new company will be headquartered in Saskatoon, with Canadian corporate offices in both Calgary and Saskatoon.
Barclays Capital Inc and CIBC Capital Markets are Agrium’s financial advisers, while BofA Merrill Lynch and RBC Capital Markets are Potash Corp’s financial advisers.
Morgan Stanley & Co LLC is serving as joint financial adviser to Agrium and Potash Corp.
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