Potash Corp. and Agrium merged firm to be called Nutrien
Canada’s Potash Corp. of Saskatchewan (TSX, NYSE:POT), the world’s largest producer of the fertilizer by capacity, will change its name to Nutrien once it completes a merger with smaller rival Agrium (TSX, NYSE:AGU).
The deal, expected to close before year-end, will create the world’s largest potash miner worth about $36 billion, including debt.
Nutrien will be world’s largest potash miner and No.2 nitrogen fertilizer producer.
Nutrien will also be the second biggest producer of nitrogen fertilizer with operations in 18 countries and more than 20,000 employees worldwide.
Before approaching Agrium, PotashCorp made an $8.8 billion-bid for German producer K+S, which didn’t go anywhere as the parts were unable to reach an agreement on price.
The failed deal would have allowed PotashCorp to fuse with another of the top-five producers, giving the Canadian group control of about one-quarter of global supply.
The upcoming merger, however, still leaves PotashCorp in a leading position as it will now have access to a vast direct-to-farmer global retail network, developed by Agrium.
Nutrien’s head offices will be in Saskatoon, Saskatchewan, where PotashCorp is based. It will also have a corporate office in Calgary, which is Agrium’s home city.