Potash Corp and Agrium Inc have secured regulatory approval by CCI for their proposed merger of equals. The companies noted that an appellate court in India has cleared a settlement between the merger parties and the CCI. The combined entity will now be called Nutrien. It will play a critical role in "Feeding the Future" initiative, by acting as the largest global provider of crop services and inputs and help growers to increase sustainable food production, the company said in a press conference.
The approval of the CCI is conditional on Potash Corp. divesting its minority shareholdings in Arab Potash Company, Israel Chemicals, Ltd. and Sociedad Quimica y Minera de Chile S.A. within 18 months from the issue of the order. Both companies have previously obtained unconditional clearance for the merger in Canada, Russia and Brazil. At present, approval and regulatory review process are underway in the US and China. The companies expect the transaction to close by the end of Q4 2017.