NEW DELHI, March 29 India's competition
regulator said the proposed merger between Agrium Inc
and Potash Corp of Saskatchewan Inc was likely to hurt
competition, a government statement said on Wednesday.
Canadian fertilizer producers Potash Corp and Agrium agreed
to merge last September to navigate a severe industry slump by
boosting efficiency and cutting costs.
Neither Agrium nor Potash Corp have physical presence in
India, but both of them supply potash to India through their
joint venture company -Canpotex.
"The commission is of the prima facie opinion that the
proposed combination is likely to have an appreciable adverse
effect on competition," the Competition Commission of India
The regulator has sought public opinion on the deal and has
directed the two firms to publish details of the proposed
merger, the statement said.
For more details on India's statement: (bit.ly/2oagn1A)
(Reporting by Sudarshan Varadhan; Editing by Malini Menon)