Tony Will, President and CEO, CF Industries Holdings, said: "I want to thank the management team of OCI for their professionalism and collaboration throughout our discussions."
CF Industries Holdings Inc. and OCI N.V. have reported the termination of the proposed combination of CF and the European, North American and Global Distribution businesses of OCI.
"Although the original deal created significant value for both parties, changes in the regulatory and commercial environments forced us to re-evaluate the combination and led us to the conclusion that terminating the agreement is in the best interests of CF Industries and its shareholders." remarked Tony Will, President and CEO, CF Industries Holdings, Inc. "I want to thank the management team of OCI for their professionalism and collaboration throughout our discussions."
OCI N.V. CEO, Nassef Sawiris, commented: “Despite not having been able to reach an agreement on an alternative transaction or structure, we have the utmost respect for CF’s management and I would like to thank Tony and his team for all the effort. The level of goodwill and collaboration between the two companies has been positive at all levels of management since our discussions started last year, which leads me to believe that in the future we can explore alternative ways of collaboration or structures to create value for our respective shareholders.”
As contemplated in the combination agreement, CF will pay OCI US$150 million in connection with the termination.
Read the article online at: https://www.worldfertilizer.com/phosphates/01072016/cf-industries-and-oci-terminate-merger/
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