Potash Corporation announced that the company will buy back up to US$2 billion worth of outstanding common shares. Potash Corporation said that they will repurchase 5% of its stock over a one year period. The company is set to deploy its growing cash flow as it steps back from a 10 year mine expansion deal.
Potash Corporation said that they expect the US$8 million expansion program to wrap up within the coming year. Industry rivals, Mosaic Co and Agrium Inc, are now in the process of returning money to shareholders. Mosaic announced in May that they will return surplus cash to buy back shares. Agrium said that they plan to buy back up to 5% worth of shares from its stockholders.
The Potash Corporation, a Saskatoon, Saskatchewan-based company, is the largest producer of the crop nutrient potash. The company is also the third largest producer of nitrogen and phosphate, as well as three primary crop nutrients used to produce fertilizer.
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