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WASHINGTON - Federal regulators said Monday they have cleared agricultural products retailer Agrium Inc.'s $2.65 billion purchase of UAP Holding Corp., after the two companies agreed to sell seven stores to satisfy competition concerns.
The Federal Trade Commission said the deal, which was announced last December, would have reduced competition in the farm supply retailing and fertilizer markets. The agency allowed the deal to proceed after the two companies agreed to sell stores in six markets where they overlap.
Separately, Agrium said Monday it completed its tender offer for UAP's shares.
Agrium, based in Calgary, Canada, is the largest operator of farm stores in the United States, with 433 outlets in 31 states.
UAP, based in Greeley, Colo., runs the second-largest chain of farm stores, with 370 outlets. Both companies also distribute fertilizer.
The companies agreed to sell five UAP stores in Michigan and two Agrium stores in Maryland and Virginia to preserve competition, the FTC said.
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