25 October 2013 19:30 [Source: ICIS news]
HOUSTON (ICIS)--Cowley Mining has decided to terminate the proposed merger with Pacific Potash after failing to come to an agreement on terms of the transaction, officials with the exploration company said on Friday.
First announced in August, the proposed merger would have created the second largest land holder in the Brazilian Amazon potash basin. If completed, the merged company would have had holdings similar in size to those controlled by energy titan Petrobras, with an estimated 1,725,041 ha in an area that has been shown to hold vast deposits of the vital crop nutrient.
At the time, officials with Vancouver-based Pacific Potash officials said financial assets of the companies would be combined and, by joining together, would reduce competition within the basin.
Cowley holds an estimated 929,000 ha extending over the Amazonas Potash Basin.
Pacific Potash did not issue any statement on the decision or respond to a request for comment on the announcement.
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