March 11, 2010 / 11:22 PM / 8 years ago

UPDATE 1-Agrium set to abandon year-long bid for CF

* Cash and stock offer valued CF at $5.4 bln

* Agrium unveiled offer February 2009

* Company to focus on other growth opportunities. (In U.S. dollars, unless noted)

TORONTO, March 11 (Reuters) - Agrium Inc AGU.TO said on Thursday it will terminate its $5.4 billion offer to buy U.S. rival CF Industries (CF.N) later this month, ending a takeover battle that has lasted more than a year.

Calgary, Alberta-based Agrium said in a statement it will allow its offer — which values each CF shares at $45 in cash plus one share of Agrium — to expire on March 22.

“It is unfortunate we could not conclude this transaction, given the strong support shown by both CF and Agrium shareholders,” Agrium Chief Executive Mike Wilson said.

The company will continue to focus on growth opportunities available globally across the agricultural value chain, he said. (Reporting by Cameron French; editing by Rob Wilson)

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