Yara does not improve its proposal to Terra Industries
(Thomson Reuters ONE) -
Oslo (2010-03-12): Yara International ASA (Yara) has notified Terra Industries
Inc. (Terra) that it will not propose an improvement to the cash merger
agreement signed 12 February by Yara and Terra.
As announced 10 March, Yara has received a notification from Terra Industries
Inc. (Terra) that the proposal from CF Industries is, in Terra's view, a
superior proposal to the merger agreement signed by Yara and Terra. The merger
agreement may be terminated under certain circumstances, including if Terra
receives a superior proposal, as that term is defined in the merger agreement,
provides advance notice to Yara and Yara does not match the superior proposal
within five business days. If Terra terminates the merger agreement under such
circumstances, Yara will be entitled to a USD 123 million break-up fee payable
concurrently with merger agreement termination.
"Terra would be a perfect fit to Yara and attractive at our proposed valuation,
but we will not increase our offer that was first accepted by the Terra Board.
The growth ambition of Yara will be carried out for the future on the same value
generating basis as the company has done successfully in the past. US remains an
attractive market for us and we will continue to search for opportunities to
grow our business in the region. We remain the global leader in the fertilizer
industry, and there will be more opportunities around the world to grow our
business further", says Jørgen Ole Haslestad, President and CEO of Yara
International ASA.
Yara continues to use all appropriate efforts to consummate the merger and
reserves all rights under the merger agreement until such time, if ever, as the
merger agreement is terminated in accordance with its terms.
Contact
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 339 832
E-mail torgeir.kvidal(at)yara.com
Asle Skredderberget, Media Relations
Cellular (+47) 41 44 36 10
E-mail asle.skredderberget(at)yara.com
Yara International ASA is the world's leading chemical company that converts
energy, natural minerals and nitrogen from the air into essential products for
farmers and industrial customers. As the number one global supplier of mineral
fertilizers, we help provide food for a growing world population. Our industrial
product portfolio includes environmental protection agents that prevent air
pollution. Yara's global workforce of 8000 employees represents the great
diversity and knowledge that enables Yara to remain a leading performer in the
industry.
www.yara.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1393028]
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Datum: 12.03.2010 - 02:02 Uhr
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