China Drying Network News CF Industrial Holdings announced that it has signed an agreement with Switzerland Glencore International Co., Ltd. to acquire Viterra's interest in Canadian Fertilizer Co., Ltd. (CFL) for $915 million in cash. CFL has Canada's largest nitrogen fertilizer plant in Medicine Hat. The acquisition will enable CF Industry to add 425,000 tons/year of synthetic ammonia and 275,000 tons/year of urea capacity.
In June this year, Glencore issued a tender offer for Vitra. According to the agreement, CF Industrial will receive 34% of CFL's preferred shares in circulation, common Stock and product acquisition. CF will have the right to purchase all of CFL's synthetic ammonia and urea production operations. The Medicinal Hart nitrogen complex has two ammonia plants with an annual output of 1.25 million tons and a urea plant with an annual output of 810,000 tons. The acquisition still requires the approval of relevant regulatory authorities in Canada.
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