Ashurst advised on competition aspects of the transaction, which was subject to a Phase 2 review by the ACCC. Approval was granted subject to Nutrien undertaking to divest three rural merchandise stores to purchasers approved by the ACCC.
In February 2019, Nutrien announced that it had entered into a Scheme Implementation Deed with Ruralco to acquire 100 per cent of the issued share capital of Ruralco for a cash price of A$4.40 per share by way of a scheme of arrangement. The transaction will now require approval from the Australian Foreign Investment Review Board (FIRB), as well as Ruralco shareholders, and is anticipated to be completed on 30 September 2019.
Partner Alyssa Phillips commented:
"We are excited to have advised Nutrien and Landmark on this significant strategic transaction in the Australian agricultural industry, and pleased to see it gain approval from the ACCC. This is an important step for Nutrien, bringing together the trusted businesses of Landmark and Ruralco to capture synergies and efficiencies, which will benefit Australian farmer customers and their communities."
The Ashurst team was led by competition partner Alyssa Phillips, with support from senior associates John McKellar and Sarida Derrington, associates Jonny Hugh and Sarah Hort, and graduates Roanize Kruger and Ben Hartsuyker. The Ashurst team was pleased to have worked closely with Nutrien's Canadian competition counsel, Brian Facey and Kevin Macdonald of Blake, Cassels & Graydon LLP, to achieve this successful outcome.
