11:34 AM EST - CF Industries Holdings Inc. : reaffirmed its intention to acquire Terra Industries Inc., the U.S. fertilizer producer, having rejected Canadian fertilizer company Agrium Inc.'s takeover proposal. CF Industries said that Agrium's takeover offer announced last month was "grossly inadequate and not in the best interests of CF Industries stockholders". Reiterating its interest on Terra, CF Industries said it is prepared to enter into a negotiated merger agreement with Terra. On January 15, CF industries tabled its initial proposal to acquire Terra for $2.1 billion in an all-stock transaction. Under the proposal, each common share of Terra is entitled to receive 0.4235 shares of CF Industries. The proposal also represents a 23-per-cent premium over Terra's closing price of $16.29 on January 15, 2009. According to CF Industries, the combined company would benefit from a one-time $30-million to $60-million release of cash due to inventory reduction. CF Industries Holdings Inc.
shares CF are trading up $0.24 at $60.83.
