PotashCorp, Agrium merger closer to completion

The PotashCorp and Agrium merger is moving along with a voting deadline for shareholders on Dec. 29. Shareholders need to take steps to exchange their shares.

The new company will be called Nutrien, and it's expected to be worth $36 billion U.S. It will be the world's top producer of potash and second-largest producer of nitrogen fertilizer, with operations in 18 countries and more than 20,000 employees worldwide.

PotashCorp shareholders will get 0.4 shares in the new company for every PotashCorp share they own. Agrium shareholders will get 2.23 shares. At these ratios, PotashCorp shareholders will own 52 per cent of the new company, while Agrium owners will hold the other 48 per cent.

The two companies agreed to merge in September 2016, bringing together PotashCorp's fertilizer mines with Agrium's global direct-to-farmer retail network. The companies have confirmed the head office will remain in Saskatoon.

The merger was initially expected to close in the third quarter of this year, but it was delayed by trade negotiations. The merger is now expected to be finalized by the end of this year.