Oslo-Yara International ASA said Sept. 25 that it has obtained approval from the Federal Trade Commission in the U.S. and the Canadian Federal Minister of Industry under the Investment Canada Act in connection with Yara’s proposed acquisition of all of the outstanding shares of Saskferco Products ULC. Yara has now received all regulatory approvals necessary to complete the investment. Yara’s President, Thorleif Enger, said he was “delighted with the Minister’s approval,” which he noted is consistent with Yara’s belief that, “through Yara’s commitment to the growth and expansion of Saskferco, the acquisition will be of great benefit to both Yara and Saskferco, as well as to the Province of Saskatchewan and to Canada as a whole.” He added that the investment perfectly complements Yara’s existing commercial activities in North America, and that Yara will provide Saskferco with “new ownership committed to investing in Saskferco as part of Yara’s core business.” Following the transaction, the new entity will continue to be headquartered in Regina as Yara Belle Plaine Inc., under the leadership of its existing management team, including D.F. Gill, who keeps his position as CEO, and Dennis Terry, who will continue in his role as chief financial officer. No significant changes in staffing levels, strategic orientations, or operations are expected as a result of the transaction. The official closing for the transaction is set for Oct. 1, 2008, after which Yara International will work on ensuring the smooth integration of Saskferco into its existing North American operations.
Transparency Across the Fertilizer Value-Chain