| Announcement of the Ministry of Commerce | | 商务部公告 |
| (No.75 [2017] ) | | （2017年第75号） |
| nnouncement on Decisions from Anti-monopoly Review of the Concentration of Undertakings on Conditional Approval of Proposed Merger between Agrium and Potash Corporation | | 关于附加限制性条件批准加阳公司与萨斯喀彻温钾肥公司合并案经营者集中反垄断审查决定的公告 |
| The Ministry of Commerce of the People's Republic of China (hereinafter referred to as the "MOFCOM") received the anti-monopoly declaration of the concentration of undertakings on the case of merger between Agrium Inc. (hereinafter referred to as "Agrium") and Potash Corporation of Saskatchewan Inc. (hereinafter referred to as "Potash Corporation") (hereinafter referred to as the "Case"). Upon review, the MOFCOM decided to approve the concentration of undertakings with additional restrictive conditions. In accordance with Article 30 of the Anti-monopoly Law of the People's Republic of China (hereinafter referred to as the "Anti-monopoly Law"), relevant matters are hereby announced as follows: | | 中华人民共和国商务部（以下简称商务部）收到加阳公司（Agrium Inc.，以下简称加阳）与萨斯喀彻温钾肥公司（Potash Corporation of Saskatchewan Inc.，以下简称萨钾）合并案（以下称本案）的经营者集中反垄断申报。经审查，商务部决定附加限制性条件批准此项经营者集中。根据《中华人民共和国反垄断法》（以下简称《反垄断法》）第三十条，现公告如下： |
| I. Case-filing and review procedures | | 一、立案和审查程序 |
| On November 8, 2016, the MOFCOM received the anti-monopoly declaration for the concentration of undertakings concerning the Case. Upon review, the MOFCOM considered that the documents for declaration were incomplete, and required the declarer (including Agrium and Potash Corporation, the same below) to supplement. On December 5, after further supplementation, the MOFCOM confirmed that the documents for declaration complied with Article 23 of the Anti-monopoly Law, and therefore the anti-monopoly declaration for the concentration of undertakings was admitted to be filed, and the preliminary investigation was launched. On January 4, 2017, the MOFCOM decided to further review this concentration of undertakings. After further examination, the MOFCOM put forward the competition concerns of the case. On April 1, the MOFCOM decided to further review this concentration of undertakings as agreed by the declarer. At the expiration of the extension, the declarer applies for the withdrawal of the case and receives the approval of the MOFCOM. On June 2, the MOFCOM filed the re-declaration of the declarer for review. The MOFCOM considered that the concentration might have the effects of eliminating and restricting competition in the markets of potassium chloride in the world and China. At present, the case is under further examination and extension, and the deadline is November 25, 2017. | | 2016年11月8日，商务部收到本案的经营者集中反垄断申报。经审核，商务部认为该申报材料不完备，要求申报方（包括加阳和萨钾，下同）予以补充。12月5日，商务部确认经补充的申报材料符合《反垄断法》第二十三条规定，对此项经营者集中申报予以立案并开始初步审查。2017年1月4日，商务部决定对此项经营者集中实施进一步审查。经进一步审查，商务部提出了对本案的竞争关注。4月1日，经申报方同意，商务部决定延长进一步审查期限。进一步审查延长阶段届满时，申报方申请撤回案件并得到商务部同意。6月2日，商务部对申报方的重新申报予以立案审查。商务部认为，此项集中对全球及中国氯化钾市场可能具有排除、限制竞争的效果。目前，本案处于进一步审查延长阶段，截止日期为2017年11月25日。 |
| In the course of the review, the MOFCOM solicited opinions from relevant government departments, trade associations, downstream customers and experts in the industry, knew relevant market definition, market participants, market structure, industry characteristics and other aspects, and reviewed the authenticity, completeness and accuracy of the documents and materials submitted by the declarer. | | 在审查过程中，商务部征求了有关政府部门、行业协会、下游客户及行业专家意见，多次召开座谈会了解相关市场界定、市场参与者、市场结构、行业特征等方面的信息，并对申报方提交的文件和材料的真实性、完整性和准确性进行了审核。 |
| II. General information of the Case | | 二、案件基本情况 |
| Agrium, a party to the merger, which was incorporated in Canada in 1992 (can be traced back to 1931), is a company listed on Toronto Stock Exchange and New York Stock Exchange. Agrium is a crop nutrient producer and distributor that sells potassium chloride to China through the Canadian Potash Export Corporation (hereinafter referred to as "Canpotex"). | | 合并一方加阳于1992年在加拿大设立，成立时间最早可追溯到1931年，是多伦多和纽约证券交易所上市公司。加阳是一家农作物营养素生产商和经销商，其通过加拿大钾肥出口公司（以下简称Canpotex）向中国销售氯化钾。 |
| Potash Corporation, another party to the merger, which was incorporated in Canada in 1989 (can be traced back to 1975), is a company listed on Toronto Stock Exchange and New York Stock Exchange. Potash Corporation produces and supplies potassium fertilizer, phosphate fertilizer, nitrogen fertilizer, and other agricultural fertilizers and sells potassium chloride to China through Canpotex. | | 合并另一方萨钾于1989年在加拿大设立，成立时间最早可追溯到1975年，是多伦多和纽约证券交易所上市公司。萨钾生产、供应钾肥、磷肥和氮肥等农业肥料，并通过Canpotex向中国销售氯化钾。 |
| According to the agreement signed by and between Agrium and Potash Corporation on September 11, 2016, the two companies will combine through a new parent company to be established; after the merger, Agrium and Potash Corporation are wholly-owned subsidiaries of the new parent company and the original shareholders will respectively hold 48% and 52% of the shares of the new parent company. | | 根据加阳和萨钾于2016年9月11日签订的协议，两公司将通过成立新母公司的方式合并，合并后加阳和萨钾成为新母公司的全资子公司，其原有股东将分别持有新母公司48%和52%的股权。 |
| III. Relevant markets | | 三、相关市场 |
| (I) Relevant commodity markets. | | （一）相关商品市场。 |
| Potassic fertilizer includes potassium chloride, potassium sulfate, potassium nitrate, potassium dihydrogen phosphate and others. It can improve crop photosynthesis, promote fruit, enhance drought resistance, cold resistance and disease resistance; therefore, it is an important fertilizer for plant growth. Agrium and Potash Corporation only produce and sell potassium chloride and do not involve potassium sulphate and other potash business; therefore, this case focuses on potassium chloride market. | | 钾肥包括氯化钾、硫酸钾、硝酸钾、磷酸二氢钾、硫酸钾镁等，可以提高作物光合作用强度，促进开花结果，增强作物抗旱、抗寒和抗病能力，是植物生长必需的重要肥料。交易方加阳和萨钾只生产和销售氯化钾，不涉及硫酸钾等其他钾肥业务，本案重点考察氯化钾市场。 |
Potassium chloride usually exists in the crust in the form of sylvite deposits, accounting for about 90% of total potassic fertilizer sales in the world. From the analysis of the content of potassium, characteristics, use and other factors, there is no closely substitution relationship between potassium chloride and other fertilizer products. Farmers usually select specific potassic fertilizer products according to the soil characteristics, crop growth cycle, the expected fertilization effect and other factors; therefore potassium chloride constitutes an independent relevant commodity market.
．．．．．． | | 氯化钾通常以钾盐矿藏形式存在于地壳中，在全球钾肥销售总量中约占90%。从钾含量、特性、主要用途等因素分析，氯化钾与其他钾肥产品之间不具有较为紧密的替代关系，农户通常根据土壤特性、作物生长周期、期望施肥效果等因素来选择特定钾肥产品，因此氯化钾构成独立的相关商品市场。
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