Merger Mania Continues For Agri Industry: Potash And Agrium Shareholders Overwhelmingly Approve Merger

Agrium Inc. (USA) AGU and Potash Corporation of Saskatchewan (USA) POT have approved the merger overwhelmingly on Thursday’s voting.

While Potash indicated that over 99 percent of the shares voted at the meeting approved merger proposal, Agrium disclosed that about 98 percent of the shares were in favor of the merger.

Potash revealed that 494 million shares or 59 percent of outstanding shares favored the merger. On the other hand, Agrium indicated that over 108 million shares or 78 percent of the outstanding shares voted in favor of the merger.

With the shareholders' approval, the transaction is one step closer to the consummation. Earlier, the companies have indicated that the transaction could in mid-2017 based on regulatory approvals and Canadian Court.

Both the companies revealed a merger of equals on September 12 thus establishing an integrated crop inputs supplier. While Potash shareholders would get 0.400 shares for every share, Agrium shareholders would get 2.230 for each share in the new company.

At last check, Agrium was down 0.21 percent at $90.06 in the pre-market, and Potash was down 0.19 percent at $16.09.