Canada-based agriculture products retailer Agrium has commenced an exchange offer for all outstanding shares of common stock of CF Industries Holdings, a producer and distributor of nitrogen and phosphate fertilizer products, providing for the same cash and stock consideration that was previously rejected by the CF Industries board of directors on March 9, 2009.

CF Industries will file the required Schedule 14D-9 with respect to the offer within 10 business days.

Morgan Stanley and Rothschild are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to CF Industries.