Source: Bloomberg

Yara International ASA will not raise the $4.1 billion offer for Terra Industries, which will allow CF Industries Holdings Inc. to acquire Terra.

Yara's board of directors unanimously decided not to improve its original bid for Terra. As a result, Terra is in the process of terminating its agreement with Yara.

"The race is over," Haslestad said. "I'm disappointed, of course, but you shake it off and you put it behind you and you look ahead, where more opportunities will arise."

Read more