CF Buys Terra
March 12, 2010 2:04 PM
CF Industries (NYSE: CF) finally seals the deal for Terra Industries (NYSE: TRA) after figthing with privately held Norwegian firm Yara for $4.7 billion. After the latest bid by CF Yara walked away without raising its bid.
The deal should save the combined company around $135 million annually with $4.2 billion in combined annual revenue. "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," said Stephen Wilson, the chief executive at CF.
In other news Agrium (NYSE: AGU) is dropping its bid to aquire CF Industries after the announced merger. Agrium has been trying to prevent the merger of CF and Terra by pursuing CF Industries with a $5.5 billion takover bid.
