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$CF
The lawsuit between CF and ORI was resolved today, and this news is the main reason behind the premarket drop.
Quick summary:
Lawsuit: It began in October 2023 and centered on an ammonium nitrate supply dispute related to explosive raw materials.
Settlement: Orica will pay CF Industries $169.5M in cash in the second half of 2026, without admitting liability.
Additional point: The long-term ammonium nitrate supply agreements that had been in place since 2014 are also being fully terminated. From now on, Orica will look for an alternative supplier and is also acquiring Nelson Brothers.
While the one-time $169.5M cash inflow is positive for CF, the market interpreted the loss of long-term sales and a customer relationship as a negative. That is why the stock was down around 5% premarket.