Agrium clears regulatory hurdle in bid for CF

posted: 48 DAYS 11 HOURS AGO

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NEW YORK -Fertilizer company Agrium Inc. on Wednesday said it cleared a hurdle with the Federal Trade Commission and has all the regulatory approvals needed for its proposed acquisition of CF Industries Holdings Inc.

The FTC granted all necessary approvals under the Hart-Scott-Rodino Antitrust Improvements Act, Agrium said.

"The only remaining impediment to conclude this mutually beneficial transaction is the continued refusal of the CF board to meet with us," said Mike Wilson, CEO of Agrium.

Agrium, based in Calgary, Alberta, has pursued rival fertilizer company CF Industries Holdings Inc. for nearly a year in order to block CF from pursuing an acquisition of fertilizer maker Terra Industries Inc.

CF has consistently resisted Agrium's advances.

Agrium said it still plans to nominate a slate of directors to stand for election at CF's 2010 annual meeting.

Shares of Agrium rose $2.31, or 3.8 percent, to close at $62.76 on the New York Stock Exchange. CF shares rose $2.29, or 2.6 percent, to $88.75.

2009-12-23 16:48:52