Terra prefers CF Industries’ bid

Fertiliser producer Terra Industries said yesterday it plans to accept a “superior” $4.68bn (£3.13bn) takeover bid from rival CF Industries unless Yara International boosts its competing offer. Yara, which bid $4.1bn for Terra, has five business days to either match or exceed CF’s bid, Terra said. Yara said it will have “no further comment” on the deal until its board has met.