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CF Industries combination with Terra Industries approved in Canada
By Lisa Kerner
Charlotte, N.C., June 22 - The Canadian Competition Bureau said it will not challenge CF Industries Holdings, Inc.'s proposed business combination with Terra Industries Inc., CF Industries announced on Monday.
CF Industries said it also expects to fully comply with the Federal Trade Commission's request for additional information, also known as a "second request."
On March 16, Agrium Inc., a Calgary, Alta., fertilizer company, began an unsolicited exchange offer for CF Industries stock after CF Industries rejected Agrium's offer to acquire the company in favor of pursuing a deal with Terra.
Terra, a Sioux City, Iowa, nitrogen products company, rejected CF Industries' unsolicited offer as well as its prior offer in January.
On May 22, CF Industries said it remains committed to its proposed strategic business combination with Terra and extended its exchange offer for all of the outstanding shares of Terra to 5 p.m. ET on June 26 from June 12.
Agrium's exchange offer for CF Industries expires at midnight ET on June 22.
CF Industries shareholders who tender their shares in the offer will receive $40 in cash plus one Agrium share per CF Industries share.
The offer is valued at $88.20 per CF Industries share, based on Agrium's closing stock price on June 15, an Agrium news release said.
Agrium said it is prepared to walk away from a deal with CF Industries if it does not receive sufficient support from CF Industries stockholders.
According to CF Industries, Agrium still has not re-filed its notice with the FTC in its offer for the company. Agrium withdrew its Hart-Scott-Rodino notice on May 27.
As previously reported, Agrium plans to re-file once its discussions with the FTC are done.
Deerfield, Ill.-based CF Industries Holdings is the holding company for CF Industries, Inc., a producer and distributor of nitrogen and phosphate fertilizer products.
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