Canada's Nutrien pursuing $470 million Ruralco takeover

Canadian agricultural company Nutrien has offered Ruralco a $469 million all-cash takeover proposal.

Nutrien has offered $4.40 a share for the company, representing a premium of roughly 44 per cent to Ruralco's Monday closing stock price of $3.06

If the deal goes ahead, it would reduce Australia's major farm sector service landscape from three to two players - Nutrien and Elders. 

Landmark, an Australian subsidiary of Nutrien, is a rural services and supplies company with over 200 branches across Australia.

Ruralco, which includes about 500 agricultural selling agency, merchandise and water industry businesses Australia-wide, has entered into scheme implementation arrangement with the North American fertiliser and crop chemical supply business.

Ruralco's board has unanimously recommended the transaction in the absence of a superior proposal, the company said in a statement.

The deal is still however subject to approval from the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB).