Terra Industries closes Mississippi Chemical acquisition

By Jeff Pines

Washington, Dec. 21 - Terra Industries Inc. closed its acquisition of bankrupt Mississippi Chemical Corp. in a $268 million cash and stock transaction, Terra said in a news release Tuesday

The companies structured the deal as a cash and stock transaction to avoid the bankruptcy code's requirement to hold an auction, officials have previously said.

Sioux City, Iowa-based Terra is now the leading U.S. producer of urea ammonium nitrate solutions, anhydrous ammonia and ammonium nitrate and the leading U.K. producer of anhydrous ammonia and ammonium nitrate.

Terra, which focuses on nitrates, is not acquiring the Yazoo City, Miss.-based company's phosphate subsidiary.

Mississippi Chemical filed for bankruptcy on May 16, 2003 with the U.S. Bankruptcy Court for the Southern District of Mississippi. Its Chapter 11 case number is 03-02984.

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