Agrium/Potash Corporation merger

CRA consultants advised counsel to Agrium Inc. and Potash Corporation of Saskatchewan Inc. as they sought regulatory approval of their $36 billion merger. The two firms manufactured and supplied fertilizer products globally. CRA economists provided analyses related to market definition, import supply response, and the efficiencies expected from the merger. The two firms announced the successful completion of the “merger of equals” on January 2, 2018 and formation of the new company, Nutrien. The merger was reviewed by regulators in the United States, Canada, China, India, and Brazil. CRA’s team included Professor Steven Salop,  Margaret Sanderson, Yianis Sarafidis, Keith Bockus, David Reitman, Martino De Stefano, Erik Himan, Paul Labys, and Isabel Tecu. Professor Guofu Tan, a senior consultant to CRA, advised on issues related to the merger investigation in China.