DEERFIELD, Ill.--(BUSINESS WIRE)--
CF Industries Holdings, Inc. (NYSE:CF) today announced that the company
and Yara International ASA have terminated their discussions regarding a
potential merger of equals transaction.
“I want to thank the management team and Board of Directors of Yara
International for their cooperation and professionalism throughout our
discussions,” stated Tony Will, president and chief executive officer,
CF Industries Holdings, Inc. “Although we identified very significant
operational and structural synergies, we were ultimately unable to agree
on terms of a transaction that met the requirements of all our
respective shareholders.”
Mr. Will continued, “CF Industries has a strong stand-alone business
plan and we are confident in the material increase in our cash flow
generation as our capacity expansion projects come on-stream as
scheduled. We remain fully committed to driving shareholder value
creation by investing in high return projects while returning excess
cash to stockholders through dividends and a substantial share
repurchase program.”
About CF Industries Holdings, Inc.
CF Industries Holdings, Inc., through its subsidiaries, is a global
leader in nitrogen fertilizer manufacturing and distribution, serving
both agricultural and industrial customers. CF Industries, headquartered
in Deerfield, Illinois, operates world-class nitrogen fertilizer
manufacturing complexes in the central United States and Canada and
distributes plant nutrients through a system of terminals, warehouses,
and associated transportation equipment located primarily in the
midwestern United States. The company also owns 50 percent interests in
GrowHow UK Limited, a fertilizer manufacturer in the United Kingdom; an
ammonia facility in the Republic of Trinidad and Tobago; and KEYTRADE
AG, a global fertilizer trading organization headquartered near Zurich,
Switzerland. CF Industries routinely posts investor announcements and
additional information on the company's Web site at www.cfindustries.com
and encourages those interested in the company to check there frequently.
Forward-Looking Statements
All statements in this communication, other than those relating to
historical facts, are “forward-looking statements.” These
forward-looking statements are not guarantees of future performance and
are subject to a number of assumptions, risks and uncertainties, many of
which are beyond our control, which could cause actual results to differ
materially from such statements. These statements include, but are not
limited to, statements about future strategic plans; and statements
about future financial and operating results. Important factors that
could cause actual results to differ materially from our expectations
include, among others: the volatility of natural gas prices in North
America; the cyclical nature of our business and the agricultural
sector; the global commodity nature of our fertilizer products, the
impact of global supply and demand on our selling prices, and the
intense global competition from other fertilizer producers; conditions
in the U.S. agricultural industry; reliance on third party providers of
transportation services and equipment; risks associated with cyber
security; weather conditions; our ability to complete our production
capacity expansion projects on schedule as planned and on budget or at
all; risks associated with other expansions of our business, including
unanticipated adverse consequences and the significant resources that
could be required; potential liabilities and expenditures related to
environmental and health and safety laws and regulations; future
regulatory restrictions and requirements related to greenhouse gas
emissions; the seasonality of the fertilizer business; the impact of
changing market conditions on our forward sales programs; risks
involving derivatives and the effectiveness of our risk measurement and
hedging activities; the significant risks and hazards involved in
producing and handling our products against which we may not be fully
insured; our reliance on a limited number of key facilities; risks
associated with joint ventures; acts of terrorism and regulations to
combat terrorism; difficulties in securing the supply and delivery of
raw materials, increases in their costs or delays or interruptions in
their delivery; risks associated with international operations; losses
on our investments in securities; deterioration of global market and
economic conditions; our ability to manage our indebtedness; and loss of
key members of management and professional staff. More detailed
information about factors that may affect our performance may be found
in our filings with the Securities and Exchange Commission, including
our most recent periodic reports filed on Form 10-K and Form 10-Q, which
are available in the Investor Relations section of the CF Industries
website. Forward-looking statements are given only as of the date of
this release and we disclaim any obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
CF Industries Holdings, Inc.
Dan Swenson
Senior Director,
Investor Relations and Corporate Communications
847-405-2515 – dswenson@cfindustries.com
Source: CF Industries Holdings, Inc.