Associated Press - November 19, 2009 2:04 PM ET
NEW YORK (AP) - Developments this week could determine whether the fertilizer wars finally come to an end.
Canada's Agrium Inc. today said shareholders controlling 62 percent of CF Industries stock have backed its $5.1 billion buyout offer. Management at Deerfield, Ill.-based CF Industries is vehemently against that offer.
But in a move that could jeopardize Agrium's deal, shareholders of fellow fertilizer maker Terra Industries will vote tomorrow to decide a proxy battle. That will determine whether Sioux City, Iowa-based Terra will accept CF Industries' own hostile takeover proposal.
The long industry saga began when CF made its first $3.6 billion bid for Terra in January.
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