Fertilizer company Hanfeng to go private

Mon Feb 11, 2013 9:48am EST

Feb 11 (Reuters) - The chief executive of Canadian fertilizer company Hanfeng Evergreen Inc plans to take it private, agreeing to buy the nearly 80 percent of shares he does not already own.

Hanfeng said in a statement on Monday that Agrium Inc , a much larger Canadian fertilizer company and holder of about 20 percent of Hanfeng's stock, has agreed to vote its shares in favor of the deal.

Hanfeng Chief Executive Officer Xinduo Yu and a corporation owned by Yu have agreed to pay C$2.25 per share for the 79.6 percent of Hanfeng's stock that he doesn't already own.

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