1 Min Read
NEW DELHI, March 29 (Reuters) - 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 said.
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)