Agrium Sells U.S. Plants to Ease Potash Corp Merger Concerns
Canadian fertilizer producer and farm supplier Agrium Inc. said on Tuesday it will sell its Idaho phosphate production facility for $100 million to fertilizer company Itafos, to address concerns of U.S. regulators about its merger with Potash Corp of Saskatchewan, according to an article on Reuters.com.
Separately, Agrium will sell its North Bend, Ohio, nitric acid plant to a subsidiary of Trammo Inc. for an undisclosed price.
The combination of Agrium and Potash Corp is expected to close by year-end, and requires U.S. approval. Agrium did not specify what concerns U.S. regulators have, but Potash is already one of the biggest U.S. phosphate producers.
Earlier on Tuesday, China’s commerce ministry said it has approved the merger on the condition that Potash divest certain stakes in other companies.