27 October 2009 20:33 [Source: ICIS news]
HOUSTON (ICIS news)--US fertilizer producer CF Industries continued its campaign to acquire rival Terra Industries, telling shareholders in a letter on Tuesday that a merger would provide investment diversity.
Such a merger would enable Terra investors to diversify from a single crop nutrient - nitrogen - into a new position in phosphate, CF said.
CF has offered 0.465 share of its stock in exchange for each share of Terra.
It also wants Terra shareholders to approve its nominees to the company's board of directors.
The election for Terra directors will be completed at its annual meeting on 20 November.
By acquiring Terra, CF would gain nitrogen fertilizer assets and avoid being taken over by Agrium.
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