FTC asks CF for more information on Terra takeover

CF Industries Holdings Inc. on Thursday said it received a Request for Additional Information from the Federal Trade Commission regarding its proposed buyout of Terra Industries Inc.

The company said this is a routine step that gives the FTC an additional 30 days to review the transaction after CF complies with the second request.

In a statement Thursday, CF said it "remains confident that the transaction will be approved in all relevant jurisdictions."

Deerfield, Ill.-based CF has been trying to strike a deal to take over Terra, which produces and markets nitrogen products, but has faced repeated rejections.

CF Industries in March sweetened an all-stock offer by proposing to pay $30.50 for each Terra share with an exchange ratio between 0.4129 and 0.4539 of a CF Industry share, or around $2.2 billion. In January, CF Industries' proposed to acquire Terra for 0.4235 share of CF Industries per common share of Terra, or $2.1 billion.

CF Industries Holdings is the holding company for CF Industries Inc., which produces and distributes nitrogen and phosphate fertilizer products.

Shares of CF closed at $77.86 on Wednesday.