Agrium Inc., North America’s third- largest fertilizer maker, said it will refile antitrust forms regarding its purchase of UAP Holding Corp. with the U.S. Federal Trade Commission.
The reports required under the Hart-Scott-Rodino Antitrust Improvements Act will be refiled tomorrow, allowing 15 days to discuss the transaction with the Department of Justice and the trade commission, Calgary-based Agrium said today in a statement.
Agrium said it withdrew an earlier filing submitted Dec. 10.
Agrium agreed to buy UAP, based in Greeley, Colorado, earlier this month to double its U.S. retail outlets as demand for crop-protection products increases. The purchase also will add Loveland crop protectants and UAP’s Dyna-Gro seeds to Agrium’s potash, nitrogen and phosphate fertilizers.
UAP investors would receive $39 in cash for each share, a 30 percent premium to the Nov. 30 closing price. Agrium said it also will take on $487 million of UAP’s debt. The two companies expect the transaction to close early next year.
Agrium rose C$3.22, or 4.7 percent, to C$72.60 as of 10 a.m. in Toronto Stock Exchange trading. Before today, the shares had gained 90 percent this year.
Richard Downey, a spokesman with Agrium, didn’t immediately return calls seeking comment.
Combining Agrium and UAP will generate annual savings of $115 million by 2010 and will add to earnings in the first year, the companies said. Agrium said it expects to raise $1.25 billion in equity to help finance the purchase.
