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Business

Agrium Bids For Australia’s AWB

by Ann M. Thayer
August 23, 2010 | A version of this story appeared in Volume 88, Issue 34

Canadian fertilizer maker and distributor Agrium has put in a $1.1 billion bid to purchase AWB, an Australian fertilizer distributor and farm services firm. AWB’s board had already approved a merger agreement with commodities storage and handling company GrainCorp, but AWB says it will engage in discussions with Agrium leadership. AWB was set up by legislation as the Australian Wheat Board in 1939 but was privatized about a decade ago. It lost $225 million on revenues of $5.6 billion last year. Agrium seeks to expand its marketing activities in Australia and New Zealand. In another proposed merger involving the fertilizer industry announced last week, Australia’s BHP Billiton launched a hostile bid to purchase Canada’s PotashCorp for $40 billion (see page 8).

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