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PotashCorp-Agrium Merger a Go

Seth Goldstein, CFA

PotashCorp (POT) 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 closes. Our CAD fair value estimate for PotashCorp remains CAD 29 per share, while our CAD fair value estimate for Agrium slips to CAD 161 from CAD 162 due to a slight weakening of the dollar versus the loonie since our last update. Our narrow moat rating for PotashCorp is also unchanged.

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