Source: CF Industries

After nearly a year of pursuing Terra Industries Inc., CF Industries is calling it quits on its planned acquisition of Terra. CF Industries Holdings officially withdrew its offer to acquire Terra Industries and announced it is no longer pursuing the acquisition. In addition, CF Industries also sold all its Terra shares, with a net gain (including dividends) that more than offsets the expenses it has incurred in connection with its proposed acquisition of Terra.

"It is clear that an acquisition of Terra now would require a significant increase in our offer, given the substantial uplift in equity values in the fertilizer sector," said Stephen Wilson, chairman, president and CEO of CF Industries. "While the strategic merits of a transaction are undeniable, it is not in the best interests of CF Industries stockholders to increase our offer to the level that we believe now would be required for Terra to agree to an acquisition. We are, of course, pleased that prospects for nitrogen and phosphate fertilizers have improved in the view of investors, a view we share."

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