In another sign of just how turbulent the fertilizer situation is this year, CF Industries today announced it wanted to buy Terra for $2.1 billion, in an unsolicited takeover that would created the world's largest publicly traded nitrogen powerhouse.
The move comes as fertilizer companies around the world cope with a dramatic crash in international prices, amid signs the market is finally starting to turn around on seasonal demand. While some companies continue to announce cutbacks, Agrium yesterday said it was restarting a Canadian nitrogen facility while resuming full production of urea at its other Canadian plants.
Terra was one company that has shuttered some nitrogen facilities, after restarting mothballed plants following the run to record prices in 2008.
CF's bid could raise eyebrows in Washington, as farmers howl about high-priced fertilizer in the country, despite the collapse of the market internationally.
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