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Australia's foreign investment board clears Nutrien's purchase of Ruralco

Australia's Foreign Investment Review Board has cleared Nutrien Ltd.'s purchase of Ruralco Holdings Ltd., according to an Aug. 27 announcement.

Nutrien's wholly owned subsidiary Agrium Australia Pty. Ltd. will acquire 100% of Ruralco's issued share capital for about A$469 million. Ruralco offers products and services to the Australian agricultural sector.

The foreign investment's board clearance satisfies the regulatory approval conditions precedent for the agreement. Ruralco will seek its shareholders' approval at a scheme meeting scheduled for Sept. 6.

If Ruralco's shareholders approve the plan, the company will then seek the approval of the Federal Court of Australia.

The agreement's implementation date and payment date is set for Sept. 30.