CALGARY — Nutrien Ltd. has agreed to sell its stake in Arab Potash Co. for $502 million to a Chinese state-owned company.
The Canadian fertilizer producer was required to sell its stake in Arab Potash to win China’s and India’s approval for the merger of Agrium and PotashCorp into one company, now called Nutrien.
Nutrien’s 23.3 million shares of Arab Potash will be acquired by SDIC Mining Investment Co. Ltd.
The company — one of the world’s largest potash producers and Canada’s largest fertilizer producer — was required to divest a number of assets to gain approvals from various countries.
It previously announced the divestiture of all its holdings in Israel Chemicals Ltd., Chile-based SQM, and some U.S. operations. It also converted its holdings in China-based Sinofert Holdings Ltd. to a passive investment.
Companies in this story: (TSX:NTR)
The Canadian Press