Report
Seth Goldstein, CFA
EUR 101.80 For Business Accounts Only

PotashCorp-Agrium Merger Set to Close at Beginning of January and Will Become Nutrien

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
Potash Corporation of Saskatchewan Inc.

Potash Corp. of Saskatchewan isa fertilizer producer by capacity producing the three primary crop nutrients: potash, nitrogen and phosphate, which is used for agricultural, industrial and animal nutrition purposes. Co.'s potash operations include the mining and production of potash, which is used as fertilizer. Co.'s phosphate operations include the manufacture and sale of solid and liquid phosphate fertilizers, phosphate feed and industrial acid, which is used in food products and industrial processes. Co.'s nitrogen operations include production of nitrogen fertilizers and nitrogen feed and industrial products, including ammonia, urea, nitrogen solutions, ammonium nitrate and nitric acid.

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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