CF Industries Holdings Merges with Terra Industries
After acquiring over 90 percent of Terra Industries (NYSE:TRA), CF Industries Holdings (NYSE:CF) and them will become the second-largest manufacturer of nitrogen fertilizer in the world.
The 90 percent acquisition allows the deal to go through without the approval of shareholders of Terra.
Agrium Inc. (NYSE:AGU) had battled CF Industries for Terra before dropping the $5.43 billion bid.
Shareholders of Terra will get 0.0953 of a share of CF Industries common stock for each share they own of Terra, along with $37.15 in cash a a share.
In a statement, president and CEO of CF Industries, Stephen Wilson said, "A combined CF Industries and Terra creates a strong leader in the global fertilizer industry with superior assets that will generate long-term value for stockholders, provide more benefits to customers and offer increased opportunities to employees."
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