U.S. fertilizer maker CF Industries Holdings Inc said on Thursday it will purchase OCI NV's North American and European plants for $6 billion, making CF the world's largest publicly traded nitrogen company.The stock and cash deal comes 10 months after CF's merger talks with Yara International ASA collapsed. It marks the largest fertilizer M&A deal since 2011 and comes as big global supplies weigh on nitrogen prices.CF, which is assuming $2 billion of OCI's debt, will become a subsidiary of a new holding company based in the United Kingdom. By moving headquarters, CF will pay a lower tax rate, which Chief Executive Tony Will told analysts would be part of $500 million in total synergies, along with savings on operations. CF shares in New York jumped 7.2 percent to $66.04 and OCI's Amsterdam-listed shares climbed 6 percent to 32.13 euros.
CF Industries Holdings, Inc. is the manufacturer and distributor of nitrogen fertilizer and other nitrogen products. Shares of CF traded higher by 4.27% or $2.63/share to $64.25. In the past year, the shares have traded as low as $47.89 and as high as $70.32. On average, 2863610 shares of CF exchange hands on a given day and today's volume is recorded at 2857951.
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