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Agrium, PotashCorp shareholders to decide on merger in early November

Agrium Inc. and Potash Corp. of Saskatchewan Inc. plan to hold separate special shareholder meetings on the same day, Nov. 3, to vote on their merger.

The arrangement must be approved by at least two-thirds of the shareholders of the respective companies, according to the joint Oct. 6 release.

Following the merger, PotashCorp shareholders will own 52% of the new company, while Agrium shareholders will own the remaining 48%.

In September, PotashCorp and Agrium agreed to an all-scrip merger to create a global fertilizer giant worth US$36 billion, with production and distribution in all three key crop nutrients, including more than 10 million tonnes of mined potash production.

Moody's recently said the merger is credit positive for Agrium but credit negative for PotashCorp, as Agrium is merging with a company that has stronger credit quality and high-quality assets.