Potash Corporation-Agrium merger entity to be named Nutrien
Potash Corporation of Saskatchewan has announced that following the closure of the merger with Agrium later this year, the new company will be called Nutrien.
In September last year, the companies agreed to form a new firm that is expected to have an enterprise value of $36bn.
Following the merger, the combined entity is set to have a portfolio that will include potash production and nitrogen and phosphate operations.
The company is expected to employ around 20,000 people and will have operations and investments in 18 countries.
At the time of signing the merger agreement, Potash Corporation of Saskatchewan president and CEO Jochen Tilk said: “The integrated platform established through our combination will greatly benefit customers and suppliers, and support even greater career development opportunities for employees.”
PotashCorp will have 52% ownership interest in Nutrien, with the remaining 48% owned by Agrium.
Agrium president and CEO Chuck Magro said: "This is a transformational merger that creates benefits and growth opportunities that neither company could achieve alone.
“Combining our complementary assets will enable us to serve our customers more efficiently, deliver significant operating synergies and improve our cash-flows to provide capital returns and invest in growth.”
The transaction is currently in the regulatory review and approval phase and expected to be complete in the third quarter of this year.