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On November 7, 2017, Potash Corporation of Saskatchewan (POT), also known as PotashCorp, and Agrium (AGU) announced that they had received a conditional approval from China’s Ministry of Commerce for their proposed merger. The conditions include requiring the companies to sell certain minority interests like Sociedad Quimica y Minera de Chile (SQM), Arab Potash, and Israel Chemicals (ICL). PotashCorp is also required to convert its active investment in Sinofert Holdings to passive investment. (12-0)
Potash Corporation of Saskatchewan Inc. (POT - Free Report) and Agrium Inc. (AGU - Free Report) said that they have secured regulatory approval in China for their proposed merger of equals. The companies noted that the approval of China's Ministry of Commerce (MOFCOM) is conditional on Potash Corp. divesting its minority shareholdings in in Arab Potash Company and Sociedad Quimica y Minera de Chile S. (30-0)
Agrium Inc. (TSX: AGU) (NYSE: AGU) announced today its 2017 third quarter results, with a net loss from continuing operations of $69-million ($0.52 diluted loss per share) compared to a net loss from continuing operations of $38-million ($0.28 diluted loss per share) in the third quarter of 2016. The third quarter results were driven by lower overall sales volumes and higher cost of product sold related to several scheduled maintenance turnarounds and higher share-based payments due to a year-to-date total shareholder return of 10 percent at September 30th. (30-0)
Agrium president and CEO Charles Magro takes his seat before addressing the company's annual meeting in Calgary, Tuesday, May 2, 2017. (THE CANADIAN PRESS / Jeff McIntosh) (30-0)
SASKATOON, SK and CALGARY, AB--(Marketwired - November 07, 2017) - Potash Corporation of Saskatchewan Inc. (PotashCorp) (TSX: POT) (NYSE: POT) and Agrium Inc. (TSX: AGU) (NYSE: AGU) today announced that China's Ministry of Commerce ("MOFCOM") has approved their proposed merger of equals transaction. (30-0)
BEIJING/HONG KONG (Reuters) - China’s Sinochem Group has tapped three banks, including Morgan Stanley (MS.N), to work on the possible Hong Kong listing of its key oil assets, as it seeks to raise capital and revive the company, said four people with knowledge of the matter. (52-0)
CEO Commentary "In the second quarter, we continued to benefit from stronger potash market conditions and our improved cost position in this nutrient," said PotashCorp President and Chief Executive Officer Jochen Tilk. "Robust potash demand – especially in offshore markets, where Canpotex2 achieved its second highest first-half shipment total – supported a constructive market and is expected to carry through the remainder of the year.
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CEO Commentary "Strong customer engagement and positive potash pricing trends from the second half of 2016 are expected to carry into the new year," said PotashCorp President and Chief Executive Officer Jochen Tilk. "Supported by healthy underlying consumption, lower global inventories and with Canpotex fully committed for the first quarter of 2017, we see a continued potash recovery. Balancing this constructive market view is a more cautious second-half outlook for our nitrogen earnings and expected challenges for our phosphate results.
LONDON, Nov. 29, 2016 About Water-soluble Fertilizers Water-soluble fertilizers are applied to the crops during irrigation. The major advantage of using them is that farmers can regulate the concentrations of the nutrients according to the needs of a particular crop. Farmers often choose a fertilizer concentration and apply it at every watering. This process is generally known as fertigation or continuous liquid feeding (CLF).
Dwindling inventories of the crop nutrient potash held by Chinese buyers could lead to an earlier 2017 sales contract with Canpotex Ltd, the offshore sales arm for Canadian mines operated by Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc , the chief executive of Canpotex said.
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CEO Commentary "Fertilizer markets have been under pressure through the first six months of 2016, however we believe the uncertainty that weighed on potash market sentiment is now lifting and a recovery is beginning," said PotashCorp President and Chief Executive Officer Jochen Tilk. "With key Asian contract prices settled by a number of producers – and buyer inventories at reduced levels – we are seeing improved engagement in all key markets.