Both sides in the battle at CF Industries' annual meeting claimed victory after the US fertilizer group won the re-election of three directors, but by a depleted margin.

CF said it had received "overwhelming support" from its investors after two of the directors were backed by more than 80% of the voting shareholders, with a third - John Johnson, the chief executive of grains and energy giant CHS – relected with a vote of more than 75%.

"Our stockholders have voted and the message is clear," Stephen Wilson, CF's chairman and chief executive, said.

'Significant percentage'

However, Agrium, the Canadian fertilizer group which has launched a $3.6bn hostile bid for CF, said the roughly 20% of investors withholding their vote was support for its campaign.

Agrium, which had urged investors to withhold as a show of protest against the CF board's refusal to enter talks on the offer, said an average US company could expect less than 5% of investors to withhold.

Mike Wilson, the Agrium chief executive, said: "The significant percentage of votes withheld sends a message to CF's board that CF stockholders want them to engage with Agrium.

"We will meet with CF anytime and anywhere. Agrium remains fully committed to acquiring CF and, as we have repeatedly stated, we would be prepared to increase our offer further if CF can demonstrate additional value."

Agrium  shares closed Can$0.24 higher at Can$48.45 in Toronto, with CF's New York-listed stock ending down $0.27 at $67.12.