Report
Seth Goldstein, CFA
EUR 101.80 For Business Accounts Only

Agrium-PotashCorp merger terms look attractive to Agrium shareholders.

PotashCorp and Agrium have announced that their merger has received all regulatory approvals and will close on Jan. 1, 2018, and the combined firms will begin trading as Nutrien on Jan 2 on both the Toronto Stock Exchange and New York Stock Exchange under the ticker NTR. We will publish our fair value estimate for Nutrien when we initiate coverage, but in the interim, we maintain our U.S. fair value estimates for PotashCorp of $23 per share and Agrium of $127 per share, which assume the merger c...
Underlying
Agrium Inc.

Agriumis a retailer of agricultural products and services in the U.S., Canada, Australia, Argentina, Brazil, Chile and Uruguay and a producer and wholesale marketer of nutrients for agricultural and industrial markets. Co. reported its business through two business units, Retail, which operates in North and South America and Australia, providing crop inputs and services directly to farmers; and Wholesale, which operates in North and South America and Europe, and produces, markets and distributes all major crop nutrients for agricultural and industrial customers both domestically and around the world.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Seth Goldstein, CFA

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