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Agrium signs FTC agreement, remains committed to CF Industries deal
By Lisa Kerner
Charlotte, N.C., Nov. 17 - Agrium, Inc. said it signed a proposed consent agreement with the Federal Trade Commission related to its planned acquisition of CF Industries Holdings Inc.
According to Agrium, the remedies in the agreement are not material to the proposed transaction.
The FTC is expected to conclude its review of the consent agreement within a few weeks, an Agrium news release said.
"This agreement further illustrates that we have a clear path to completing the CF acquisition," Agrium president and chief executive officer Mike Wilson said in the release.
"We remain prepared to immediately execute a fully financed, binding merger agreement with CF and urge CF stockholders to show their support by tendering into our offer."
As previously reported, Agrium's "best and final" tender offer of $45 plus one share of Agrium for each CF Industries share ends at midnight ET on Wednesday.
In March 2009, Agrium, a Calgary, Alta., fertilizer company, began its unsolicited exchange offer for CF Industries after CF Industries rejected its offer in favor of pursuing a deal with Terra Industries Inc.
Agrium announced on Monday that RiskMetrics Group/ISS recommended that CF Industries shareholders tender their shares in the offer.
CF Industries wants Terra
CF Industries nominated three people for election to the board of directors of Terra in its bid to acquire the Sioux City, Iowa, nitrogen products company. Terra's annual meeting is Friday.
Terra has continued to reject CF Industries' offers to buy the company.
As previously reported, Terra recently rejected CF Industries' purchase offer of $32 in cash and 0.1034 of a share of CF Industries common stock for each share of Terra common stock held.
Deerfield, Ill.-based CF Industries Holdings is the holding company for CF Industries, Inc., a producer and distributor of nitrogen and phosphate fertilizer products.
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