CALGARY, ALBERTA -- Agrium Inc. today announced that it has extended the expiration date of its offer to acquire CF Industries Holdings, Inc. for $40 in cash plus one Agrium share per CF share until 12 midnight, New York City time, on August 19, 2009.



Agrium President and CEO Mike Wilson said, "Agrium remains fully committed to acquiring CF, and as we have previously stated, we strongly believe that combining Agrium and CF will create a terrific company and significant value for stockholders. Despite the fact that CF continues to ignore a clear mandate to conclude a transaction, we will continue to press CF to execute a mutually beneficial merger agreement. Our offer remains far superior to any alternative articulated by CF, including remaining independent or paying a premium for Terra."



Agrium continues to believe that there are no material impediments to closing an Agrium/CF transaction, nor are there expected to be any material delays in closing as a result of regulatory review.



Agrium's offer is not subject to a financing condition. Agrium has sufficient cash resources and committed financing underwritten by Royal Bank of Canada and The Bank of Nova Scotia to fund the cash portion of the offer.



As of 5 p.m., New York City time, on July 17, 2009, approximately 10.4 million shares of common stock of CF Industries had been tendered into and not withdrawn from the exchange offer.



RBC Capital Markets, Goldman, Sachs & Co., and Scotia Capital are acting as financial advisors; Paul, Weiss, Rifkind, Wharton & Garrison LLP and Blake, Cassels & Graydon LLP as legal counsel; and Georgeson Inc. as information agent in connection with Agrium's offer.



Agrium Inc. is a major retail supplier of agricultural products and services in both North and South America and a leading global producer and marketer of agricultural nutrients and industrial products. Agrium produces and markets three primary groups of nutrients: nitrogen, phosphate and potash as well as controlled release fertilizers and micronutrients.



SOURCE: Agrium Inc. via Marketwire.