CF Industries Holdings Inc. has announced that it has closed on the acquisition of all of the outstanding interests it did not already own in Canadian Fertilizers Limited (CFL) for total cash consideration of approximately C$910 million. CFL owns the largest nitrogen fertilizer complex in Canada, located in Medicine Hat, Alberta.
This acquisition has increased CF Industries’ annual marketable nitrogen volume by approximately 425,000 gross tons of ammonia and 275,000 tons of urea. The Medicine Hat complex has two ammonia plants with total annual capacity of 1,250,000 tons and a urea plant with annual capacity of 810,000 tons. Prior to the close of the transactions, CFL’s results were included in CF Industries’ financial statements as a consolidated variable interest entity.
In other news, CF also reported that its board of directors has declared a $0.40 per share dividend on its common stock. The dividend will be payable on May 30, 2013 to stockholders of record as of May 17, 2013.