Potash Corp, Agrium both Soar for reasons not related to Takeovers
Shares of Potash Corp (POT.TO) and other leading fertilizer makers jumped on Friday after the U.S. government estimated a smaller-than-expected U.S. corn harvest, driving up prices of the nutrient-intensive crop, according to Reuters.
Shares of Agrium (AGU.TO) are up more than 7% and have hit a year high $82.27.
Having said that, Agrium has also been lifted by reports that an independent expert report has said its A$1.2 billion bid for AWB Ltd., Australia's largest wheat exporter, is in the best interests of shareholders.
The A$1.50 a share cash offer from North America's third- largest fertilizer producer by value, was "fair and reasonable," Lonergan Edwards & Associates Ltd. said in a report prepared for Melbourne-based AWB and released today on the Australian stock exchange, according to Bloomberg. It's unlikely a higher offer would be received before shareholders vote on the bid next month, Bloomberg cites the report as saying.
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