Listed: TSX, NYSE Symbol: POT
SASKATOON, July 24, 2013 /PRNewswire/ - Potash Corporation of Saskatchewan Inc. (PotashCorp) today announced that its Board of Directors has approved the commencement of a share repurchase program authorizing up to US $2 billion in repurchases of PotashCorp's outstanding common shares (5 percent of its outstanding common shares) over a one-year period through a normal course issuer bid. The commencement of the share repurchase program is subject to regulatory approval.
Purchases under the program may be made through the facilities of the Toronto Stock Exchange (the "TSX"), the New York Stock Exchange or other published markets by means of open market transactions or by such other means as may be permitted by the TSX and applicable U.S. securities laws. Common shares repurchased under the program will be cancelled. The price PotashCorp will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by applicable regulatory requirements. The actual number of common shares that may be repurchased under the program and the timing of any such repurchases will be determined at the discretion of PotashCorp.
PotashCorp is the world's largest crop nutrient company and plays an integral role in global food production. The company produces the three essential nutrients required to help farmers grow healthier, more abundant crops. With global population rising and diets improving in developing countries, these nutrients offer a responsible and practical solution to meeting the long-term demand for food. PotashCorp is the largest producer, by capacity, of potash and third largest producer of nitrogen and phosphate. While agriculture is its primary market, the company also produces products for animal nutrition and industrial uses. Common shares of Potash Corporation of Saskatchewan Inc. are listed on the Toronto Stock Exchange and the New York Stock Exchange.
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