Agrium Inc. has taken a shot at its takeover target, CF Industries Holdings Inc., questioning whether its rival is acting in the best interests of shareholders as it tries to thwart Agrium's advance.
Calgary-based Agrium is offering more than US$3-billion to buy CF, a maker of nitrogen and phosphate fertilizer products. The situation is complicated since CF is trying to buy Terra Industries Inc., a move that would effectively kill Agrium's bid.
Yesterday, CF sent a public letter to Terra's board offering to buy Terra with preferred stock. That would allow it to complete the merger without a vote from its own shareholders.
Agrium was outraged.
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