With this decision, Nutrien aids to generate a substantial value for farmers in Australia
Nutrien, largest provider of crop inputs and services in Saskatoon, has gained the Australian Competition and Consumer Commission’s (ACCC) support to advance with its procurement of Ruralco Holdings Limited.
Nutrien President and CEO, Chuck Magro was reportedly quoted stating that the firm is very pleased with this decision. The company believes the blend of Landmark operations with Ruralco in Australia will result in delivering significant financial as well as strategic benefits for all stakeholders.
Additionally, this combination will prove beneficial for Australian farmers, resulting in bringing a greater choice of products, technologies, and services to Ruralco’s customer pool, Magro stated, adding that it would also help Australian farmers succeed in an increasingly competitive global marketplace.
Speaking on the move, Rob Clayton, head of Landmark, stated that with this verdict from the ACCC, the organization believes to be a step closer to a combined unit of Ruralco and Landmark, which it believes to generate a vast value for farmers in Australia. Owing to the phenomenal global reach of Nutrien, Rob Clayton believes people – who live and work in rural and regional Australia – will be capable of delivering improved and enhanced solutions and services, products and innovation to Australian growers.
After receiving a regulatory approval from the ACCC, the transaction now requires approval from the Australian Foreign Investment Review Board (FIRB). Subsequently upon fortifying all the required approvals from the FIRB, as well as Ruralco shareholders, the deal is predicted to be finalized on September 30, 2019.
For the uninitiated, Nutrien is named as world’s largest provider of crop inputs and services. It plays an important role in serving the growers with increase food production in a justifiable manner. It produces and distributes around 27 million tons of potash, phosphate and nitrogen products worldwide.