CF Industries To Agrium: ‘No Deal’

CF Industries Holdings Inc.’s board of directors has rejected the proposal from Agrium Inc. as grossly inadequate. The board also has reaffirmed its intention to pursue a business combination with Terra Industries Inc.

The following letter has been sent to the Agrium Board of Directors:

March 9, 2009
Board of Directors
Agrium Inc.
13131 Lake Fraser Drive SE
Calgary, AB T2J 7E8
Attention: Frank W. Proto, Board Chair
Michael M. Wilson, President and Chief Executive Officer

Dear Members of the Board:

The Board of Directors of CF Industries Holdings, Inc. has rejected Agrium’s acquisition proposal. The Agrium proposal is grossly inadequate and not in the best interests of CF Industries stockholders. Agrium’s proposal is opportunistic, as your CEO himself has acknowledged in his public statements. CF Industries also believes that Agrium’s proposal is a transparent attempt to interfere with CF Industries’ proposed business combination with Terra.

The CF Industries Holdings, Inc. Board of Directors also has reaffirmed its intent to continue to pursue a business combination with Terra Industries, which CF Industries is confident will be supported by our stockholders and by Terra’s stockholders.

Very truly yours,
Stephen R. Wilson
Chairman, President and Chief Executive Officer
CF Industries Holdings, Inc.

(Source: CF Industries news release)

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