Canada's Nutrien pursuing $470 million Ruralco takeover

Canada's Nutrien pursuing $470 million Ruralco takeover
Staff reporterDecember 7, 2020

Canadian agricultural company Nutrien has offered Ruralco a $469 million all-cash takeover proposal.

Nutrien has offered $4.40 a share for the company, representing a premium of roughly 44 per cent to Ruralco's Monday closing stock price of $3.06

If the deal goes ahead, it would reduce Australia's major farm sector service landscape from three to two players - Nutrien and Elders. 

Landmark, an Australian subsidiary of Nutrien, is a rural services and supplies company with over 200 branches across Australia.

Ruralco, which includes about 500 agricultural selling agency, merchandise and water industry businesses Australia-wide, has entered into scheme implementation arrangement with the North American fertiliser and crop chemical supply business.

Ruralco's board has unanimously recommended the transaction in the absence of a superior proposal, the company said in a statement.

The deal is still however subject to approval from the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB).

Editor's Picks

Kangaroo Point's iconic Shafston House gets closer to apartment redevelopment
Inside Australia 108: The groundbreaking Melbourne apartment tower offering the highest apartments in the southern hemisphere
Discover Avery: A Boutique Sanctuary in the Heart of Glen Iris [Video]
"A once-in-a-lifetime opportunity": Don O'Rorke discusses the Monarch Residences Penthouse Collection
Why apartments at Killarney Ponds in Box Hill are suiting the family buyer: Urban Buyer Q&A