TORONTO—Canadian fertilizer giants Agrium Inc. and Potash Corp. of Saskatchewan Inc. confirmed plans to merge on Monday, in a deal that would create a crop-nutrient giant valued at about $27 billion.

Joining forces with Agrium offers Saskatchewan-based Potash, the world’s largest fertilizer producer by capacity, protection against volatile fertilizer prices, through Agrium’s steadier retail network. That system also would lower Potash’s distribution costs, while expanding fertilizer sales.

Agrium’s retail arm, North America’s biggest for fertilizer, seeds and equipment, generates the bulk of the Calgary-based company’s sales. For Agrium, the deal would bolster its volume of potash and other fertilizer ingredients.

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