Reuters — U.S. fertilizer firm CF Industries said it has dropped merger talks with Norway’s Yara International after the fertilizer makers were unable to agree on terms of a deal.
Yara and CF said last month they were in early-stage talks about a “merger of equals” that would create a US$27 billion rival to the world’s largest fertilizer producer, Saskatoon-based PotashCorp.
CF, however, now says the two firms have “terminated their discussions.”
“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,” CF CEO Tony Will said in a release Thursday.
Yara last Tuesday fired its CEO Joergen Ole Haslestad, saying he was unsuitable to lead the merger talks, which would continue under its finance chief Torgeir Kvidal.
— Reporting for Reuters by Kanika Sikka in Bangalore. Includes files from AGCanada.com Network staff.