Merger talks have been abandoned by CF Industries, which operates the nation’s largest nitrogen complex in Donaldsonville, and Norway’s Yara International.

The deal would have created a massive player in the fertilizer industry. Producing fertilizer is an extremely energy-intensive process, and natural gas is a huge feedstock in the industry. A merger would have locked in cheap U.S. energy prices for Yara and opened up global markets to CF Industries, of Deerfield, Illinois.

Torger Kvidal, CEO of Yara International ASA, said Friday that despite significant synergies, “in the end it became clear that we would not be able to agree on terms that would be acceptable to all stakeholders.”

A merger would have created a combined company with a market capitalization of more than $26 billion and annual sales of about $20 billion.

Yara has a broad, global presence with facilities and warehouses in dozens of countries and sales to more than 150 countries. Yara’s website shows it operates a terminal in New Orleans. The company sells technical grade urea and agriculture grade urea in the U.S.

CF Industries concentrates on nitrogen fertilizer manufacturing and distribution. It has seven nitrogen fertilizer manufacturing complexes in the U.S. and Canada and a network of fertilizer distribution terminals and warehouses mostly in the Midwest.

CF’s Donaldsonville nitrogen complex, already the largest in North America, is undergoing a $2.1 billion expansion that is expected to be finished in mid-2016.

The Ascension Parish facility employs about 400 CF Industries employees and about 300 contract employees. It produces anhydrous ammonia, urea and urea ammonium nitrate solution, the three most-used nitrogen products. Products are shipped by pipeline, barge, rail and truck.