CF Industries Buys Viterra Stake in Alberta Firm for $915 Million
Canadian Press DataFile -- DEERFIELD, IL -- August 3, 2012 -- American fertilizer giant CF Industries says it has signed a deal with Glencore International to buy a minority interest in Canadian Fertilizers for $915 million in cash.The stake is owned by Regina-based grain handler Viterra (TSX:VT), which is a subsidiary of Glencore.
CFL owns the largest nitrogen fertilizer complex in Canada, located in Medicine Hat, Alta.
Glencore had earlier planned to sell the stake to fertilizer producer Agrium (TSX:AGU).
The Swiss commodities group acquired Viterra earlier this year in a deal worth $6.1 billion.
CF Industries says its acquisition of the stake is conditional upon Glencore's completion of its Viterra takeover, which still needs some regulatory approvals.
The company said the acquisition will add 425,000 gross tons of ammonia and 275,000 tons of urea per year to its nitrogen production capacity.
"This transaction demonstrates our commitment to deploy capital effectively and efficiently," said CEO Stephen Wilson.
(c) 2012 The Canadian Press
Copyright notice
This is a news service of NewsEdge Corporation ©2012. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
Editor's Picks from Recent eNews
Save the Date for Co-Located 2013 Soy & Grain Trade Summit and Women in Agribusiness Summit
Northstar Agri Industries Announces Oklahoma Expansion Plan
Current Reports in the Resource Library at Soyatech.com
Soyfoods: The U.S. Market 2012
This annual report provides detailed information on the U.S. market by category, sub-category, brand and distribution channel.
Soyfoods: The U.S. Market 2012
This annual report provides detailed information on the U.S. market by category, sub-category, brand and distribution channel.
Copyright © 2000-2013 Soyatech, LLC. • P.O. Box 1307 • Southwest Harbor, ME 04679 • USA