Canadian agricultural products company Agrium put forth its $3.6 billion (in cash and stocks) bid, on Wednesday, to buy U. S.-based fertilizer firm CF Industries Holdings in order to expand its fertilizer business.

"Adding CF's strong North American nitrogen, phosphate and extensive crop nutrient distribution assets to Agrium's broader global wholesale and retail capabilities would greatly enhance our existing portfolio and enable us to create a premier global franchise across the entire agricultural value chain," said Mike Wilson, Agrium's president and chief executive.

Deerfield, Ill.-based CF Industries stated that it is still in the process of assessing the proposal.

This proposition emerges a month after CF Industries made an all-stock offer of $2.1 billion, on January 15, to buy Terra Industries Inc. However, Terra Industries' board unanimously turned down the offer on the pretext that the bid was not in the best interest of the company or its shareholders as it undervalued Terra.

On Wednesday Agrium put forth its proposal of paying $72 per share, a 37 percent premium over the company's $55.58 closing price Tuesday, for Deerfield. This would comprise one Agrium share plus $31.70 in cash.