OTHER NEWS - Sept. 4, 1996

Merger to Create Fertilizer Giant: Canada’s Potash Corp. said it has agreed to pay about $1.18 billion in cash and stock for a major U.S. nitrogen producer, which would create one of the world’s largest fertilizer companies. The Saskatoon, Canada-based mining company said it would acquire all outstanding common stock of Arcadian Corp. of Memphis, Tenn., which describes itself as the largest producer of nitrogen fertilizers in the Western Hemisphere. The combined company would have revenue of more than $2 billion. The deal ends talks between Arcadian and Freeport-McMoRan Inc., which had offered about $1.06 billion for Arcadian last month. Potash said it will pay $25.93 a share for each of Arcadian’s shares, including $12.25 per share in cash and the rest in Potash common stock, an 18% premium over Arcadian’s Friday closing price.