A year in the merde

2 March 2010 By Robert Cyran Follow @rob_cyran

CF Industries told shareholders it was done chasing rival Terra after a long tilt that included a rejection by its own nominees to Terra s board. Terra also didn t seem to want to sell but then agreed a deal with Yara. CF investors are right to think the new $4.7 bln bid stinks.

This content is for Subscribers only

Context News

CF Industries has rejoined its effort to acquire Terra Industries with a $4.7 billion unsolicited cash and stock offer. The fertilizer company called off a nearly yearlong hostile effort to buy its rival in January. In February, Norwegian company Yara International agreed to acquire Terra for $4.1 billion.

CF has received $4.05 billion of financing commitments. It is offering $37.15 in cash and 0.0953 of a share of CF Industries stock for each Terra share.

Separately, CF is the subject of an unsolicited offer by Agrium. The Canadian company is offering $5.7 billion in cash and stock for CF, which is a 9 percent premium to the American firm's current market capitalization.

Email a friend

Please complete the form below.

Required fields *