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2010-11 Membership Guide
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Membership News
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The State of American Business 2010
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Please visit our Nordic sister organizations:
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News
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| CF Industries Raises Bid for Terra, Tries to Top Yara |
Fertilizer maker CF Industries relaunched a hostile bid worth $4.75 billion to buy rival Terra Industries in a move to break up Terra's planned takeover by Norway's Yara International.
CF, which had called off a year-long effort to buy Terra in January, said it was now offering $47.40 per share in cash and stock for the company based on Monday's closing prices.
Terra shares were up 12.5 percent to $46.35.
The move is the latest chapter in the battle by fertilizer companies to expand their market shares in the agricultural industry, which has started to rebound as the global economic crisis fades.
Last month, Terra agreed to be bought by Yara for $4.1 billion in an all-cash deal that valued the company at $41.10 per share.
Terra was not immediately available to comment, and Yara declined to comment.
CF, which is also currently fighting off a hostile takeover attempt from Agrium, said its offer consisted of $37.15 in cash and 0.0953 in CF shares for each Terra share.
It has secured $4.05 billion in financing commitments for the deal, including $2.8 billion from Morgan Stanley Senior Funding and $1.25 billion from The Bank of Tokyo-Mitsubishi UFJ.
CF's shares slid 7 percent to $100.
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Date posted: 2nd of March 2010
Source: Reuters
News Category: Agriculture
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