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Australian government approves Nutrien's acquisition of Ruralco
Aug. 23, 2019
Ruralco Holdings Limited
AustraliaFollow
AustraliaNutrien Ltd. (Nutrien) obtained the Australian Competition and Consumer Commission's (ACCC) approval to proceed with its acquisition of Ruralco Holdings Limited (ASX: RHL) (Ruralco).
"We are very pleased with today's decision. We continue to believe the combination of our Landmark operations with Ruralco in Australia will provide significant strategic and financial benefits for all stakeholders. This combination is good for Australian farmers, bringing a greater choice of products, services and technologies to Ruralco's customer base and positioning Australian farmers to succeed in an increasingly competitive global marketplace. The transaction is expected to deliver excellent value for both Ruralco and Nutrien shareholders," stated Nutrien President and CEO Chuck Magro.
The head of Landmark, Rob Clayton, commented that, "With this decision from the ACCC, we are one step closer to a combined Ruralco and Landmark, which we believe will create enormous value for Australian farmers. By leveraging the global reach of Nutrien, our people - who live and work in rural and regional Australia - will deliver enhanced solutions and services, products and innovation to Australian growers."
With regulatory approval received from the ACCC, the transaction now requires approval from the Australian Foreign Investment Review Board (FIRB). Upon securing the necessary approvals from the FIRB, as well as Ruralco shareholders, the transaction is anticipated to be completed on September 30, 2019.
Source: Nutrien news release
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