Stephen Wilson, chief executive of US fertilizer giant CF Industries, set course for a stormy confrontation with bid target Terra Industries, which has unveiled the date for its long-awaited shareholder meeting.

Mr Wilson said that, while CF was ditching its $3.8bn all-share offer for Terra, it remained keen on a tie-up which promised "real and substantial synergies".

The latest extension to the exchange offer, which has attracted little investor interest, lapsed on Monday.

Terra's annual meeting, at which Mr Wilson plans to put up three board nominees, had "always been the key event" for CF to roll forward its deal, he said.

Shareholder votes 

The comments came shortly before Terra revealed a November 20 date for the annual meeting, which had been due for a May 15 deadline before the group changed its constitution.

CF, which threatened legal action against Terra if it did not hold a meeting "promptly", said it was "confident" that shareholders would support a takeover.

"We look forward to Terra stockholders having the opportunity to show their support for our proposed business combination by voting for CF Industries' nominees," Mr Wilson said.

Terra, which has repeatedly rejected CF's overtures, said it would publish further details of the meeting's agenda nearer the date of the session.

CF shares stood 1.3% lower at $80.68 in afternoon deals in New York.

Terra shares were 1.9% down at $30.52.