CF Industries Holdings Inc. (CF) has completed its initial offer
for Terra Industries Inc. (TRA), and CF said Terra's former chief
executive will serve as a consultant to the combined fertilizer
company through the end of the year.
CF said it has acquired about 85.6% of Terra's outstanding
common stock, making the two a combined company. CF Chief Executive
Stephen R. Wilson also said that Mike Bennett, Terra's immediate
past president and CEO, will serve as a consultant to CF through
the end of 2010 to help with the integration of the two
companies.
"Mike will play an important role on our integration steering
committee and the combined company will benefit from the insight
and passion that he brings to the role," Bennett said.
Terra and CF finalized a deal in early March in which CF would
buy Terra for about $4.7 billion, ending a yearlong battle between
the fertilizer makers. Rising commodity prices have sparked a
flurry of deals in the crop-nutrient sector in recent weeks, and
Terra's focus on nitrogen-based products has kept it among the most
attractive operators.
Shares of CF and Terra closed at $92.41 and $45.81,
respectively, on Thursday and were haven't traded premarket.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com