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CF Industries files for government approval in bid for Terra Industries
By Lisa Kerner
Charlotte, N.C., Feb. 18 - CF Industries Holdings, Inc. said it has filed notification with the Department of Justice and the Federal Trade Commission as required under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, in connection with CF Industries' proposed acquisition of Terra Industries Inc.
"We are committed to a combination of CF Industries and Terra and are confident that the transaction will be approved in all relevant jurisdictions," Stephen R. Wilson, chairman, president and chief executive officer of CF Industries, said in a company news release.
In January, Terra rejected CF Industries' unsolicited offer to acquire the company in an exchange transaction valued at $2.1 billion. Terra shareholders would receive 0.4235 of a share of CF Industries for each Terra share held.
According to Terra, the company will continue to execute its strategic plan, which Terra believes will deliver more value to stockholders than CF Industries' proposal.
Recently, CF Industries announced it will nominate three directors at Terra's 2009 annual meeting and begin its exchange offer for Terra stock in mid-February.
CF Industries will nominate John N. Lilly, former CEO of Pillsbury Co.; David A. Wilson, president and CEO of the Graduate Management Admission Council and former managing partner at Ernst & Young LLP; and Irving B. Yoskowitz, former executive vice president and general counsel of Constellation Energy Group Inc., and of Baltimore Gas & Electric Co.
Terra Industries makes nitrogen products and is based in Sioux City, Iowa.
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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