Monday, November 23,  8:43 pm

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Agrium Inc. stepped into the unsolicited takeover attempt of Terra Industries Inc. by CF Industries Holdings Inc. with its own conditional bear hug for CF.

The Wednesday bid of cash and stock for about $3.3 billion, or $68.90 per share, is not a complete surprise. Risk arbitrageurs expected a spoiler bid might surface for either Terra or CF before their hostile battle played out. Agrium's move does raises the question of whether its interest in CF is what prompted CF to make its run on Terra in the first place as a defensive move. It also underscores the question of whether another player in the fertilizer industry, possibly Yara International ASA, will bid for Terra.

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