Coffee beans

Yara has received notification from Terra Industries

Mar 10, 2010

Oslo (2010-03-10): Yara International ASA (Yara) has received a notification from Terra Industries Inc. (Terra) that the proposal from CF Industries is, in Terra's view, a superior proposal to the merger agreement signed 12 February by Yara and Terra.

 

As announced on 15 February 2010, Yara and Terra entered into a merger agreement, pursuant to which Yara agreed to acquire all of the outstanding common stock of Terra for $41.10 per share in cash. The merger agreement may be terminated under certain circumstances, including if Terra receives a superior proposal, as that term is defined in the merger agreement, provides advance notice to Yara and Yara does not match the superior proposal within five business days. The deadline for matching this superior proposal will expire by 17 March at 17:00 New York time. If Terra terminates the merger agreement under such circumstances, Yara will be entitled to a USD 123 million break-up fee.

 

Yara will have no further comments on the response to Terra on the notification until Yara's Board of Directors has completed their evaluation.

 

 

Contact

 

Torgeir Kvidal, Investor Relations

Telephone  (+47) 24 15 72 95

Cellular (+47) 91 339 832

E-mail torgeir.kvidal@yara.com

 

Asle Skredderberget, Media Relations

Cellular (+47) 41 44 36 10

E-mail asle.skredderberget@yara.com

 

 

Yara International ASA is the world's leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that prevent air pollution. Yara's global workforce of 8000 employees represents the great diversity and knowledge that enables Yara to remain a leading performer in the industry.

www.yara.com
 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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