CHS the largest US farming cooperative, agreed to form a venture with fertilizer producer CF Industries Holdings Inc. while scrapping a planned factory in North Dakota that had become too expensive.
CHS will acquire a stake in a CF subsidiary for $2.8 billion, guaranteeing it an annual supply of as much as 1.7 million tons of nitrogen-based fertilizer, the companies said Wednesday in a statement.
CHS said separately it won’t proceed with its proposed Spiritwood plant, citing the anticipated cost and other factors such as difficulties securing water supplies.
Full content: Bloomberg
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