Agrium Inc. (AGU) Moves Out Of Head And Shoulder Pattern After Some Gap

Agricum Inc. (NYSE: AGU) said late on Thursday that had decided to terminate its hostile $5.4 billion bid to take over CF Industries Holding Inc. (NYSE: CF). Agrium (AGU) offered $3.6 billion for CF Industries Holdings Inc. (CF) in February 2009, but even after sweetening the deal several times CF Holdings Inc. (CF) argued the bid undervalued its business.

Agrium Inc. (AGU) will let the offer expire on March 22. Agrium Inc. (AGU) started the session with a gap-up opening today following its decision to not go head with its hostile offer with any increased value. With this, Agrium Inc. (AGU) has moved out of a head and shoulder pattern after a long gap and is showing signs of bullish trend on charts.