ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
Shareholders of fertilizer maker Terra Industries have elected three new directors nominated by rival firm CF Industries, which owns approximately 7% of Terra’s outstanding shares. CF has been trying to buy Terra since January of this year for approximately $4.1 billion. With several CF offers of cash and stock already rejected by Terra, CF hopes that the new board members will push the company to negotiate a merger. In response, Terra says it is still not interested in a combination with CF and will expand its board to 11 members and retain the three directors, including Chairman Henry R. Slack, who were not reelected. Meanwhile, CF has itself been fending off a takeover effort from Agrium since February. After a revised tender offer, Agrium reported it now owns 62% of outstanding CF shares and has not been dissuaded by CF’s plans to buy Terra. Agrium’s current offer values CF at approximately $5.1 billion. Despite the persistence of CF and Agrium, Charles Neivert, agricultural chemical analyst for Dahlman Rose & Co., writes in a note to investors that “the reaction of the market seems to indicate that no deal will be consummated.”
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on Twitter