Agrium still looking for takeover targets

Calgary-based Agrium Inc. will keep hunting for takeover opportunities, the fertilizer giant's CEO said Friday.

Michael Wilson expressed no regrets over his firm's decision Thursday not to increase its hostile bid for U.S. rival CF Industries Holdings Inc.

"We constantly look at opportunities," Michael Wilson said in an interview with The Canadian Press. "We've done nine acquisitions in the last five years and we've likely walked away from or haven't completed a similar number."

Agrium's announcement late Thursday that it would drop its pursuit of Illinois-based CF meant the end of a three-way takeover battle.

CF rebuffed Agrium for more than a year, pursuing its own bid for Iowa-based rival Terra Industries Inc., which shrugged off all of CF's advances until finally accepting a sweetened offer of $4.7 billion this week.

"Too many companies get caught up in deals and overpay," Wilson said. "We're a very disciplined company."

"We're not disappointed. We did the right thing for our shareholders."

CF said its merger with Terra will create the second largest nitrogen producer in the world.

"We are excited to begin working together to become a more competitive global fertilizer player with enhanced scale, a broader strategic platform and enhanced access to capital markets," CEO Stephen Wilson said.

Agrium's stock soared $5.09, or seven per cent,to close at $73.42 on the Toronto Stock Exchange Friday.