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Agrium (AGU) Stock Soars, Confirms Merger Discussions With Potash

Updated from 11:52 a.m. EDT

NEW YORK (TheStreet) -- Shares of Agrium (AGU) were surging 6.02% to $94.87 on heavy trading volume early Tuesday afternoon after confirming that it is in preliminary discussions to merge with rival fertilizer company Potash (POT).

Potash stock was up 10.90% to $17.80 this afternoon.

No decision has been made about whether to proceed with the deal, Agrium added in a statement.

Earlier today, Bloomberg reported that a combination between the companies could be announced as soon as next week.

Fertilizer companies have...