June 29, 2009 / 1:22 PM / 8 years ago

UPDATE 1-Agrium says CF refuses to engage in talks

* Agrium says CF won't meet

* Agrium says CF said nothing had changed

* CF spokesman says nothing new on table

NEW YORK, June 29 (Reuters) - Fertilizer maker Agrium Inc (AGU.TO) said on Monday CF Industries Inc (CF.N) refused to meet with it even after a majority of CF's shareholders tendered their shares in its hostile bid for the U.S. rival.

"CF's Chairman and CEO Steve Wilson told me that CF would not meet with Agrium," Agrium Chief Executive Mike Wilson said in a statement. "Contradicting recent public comments that CF is prepared to engage, he stated to me that there is no reason to meet because nothing has changed."

"I do not consider returning my phone calls to say that CF refuses to meet to be engagement, and I don't think CF stockholders will either," Wilson said.

CF spokesman Charles Nekvasil said nothing had changed. "We have indicated that given that situation we are willing to listen but nothing new is on the table," he said.

About 62 percent of the total outstanding shares were tendered to Agrium as of Agrium's June 22 deadline, which it extended to July 22. [ID:nN23539879]

Although a majority of CF shareholders tendered their shares in the offer, CF has a poison pill and other defense mechanisms in place that would prevent Agrium from being able to complete the deal.

Agrium, a Canadian company, originally proposed to take over smaller U.S. rival CF in February and has twice sweetened its offer. (Reporting by Paritosh Bansal; Editing by Derek Caney) (For more M&A news and our DealZone blog, go to www.reuters.com/deals)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below