The ungainly three-way bidding battle that has roiled the fertile fertilizer market for nearly a year could finally be drawing to a close. CF Industries has raised its bid for Terra Industries by $4.75 in cash per share, bringing the value of the hostile takeover bid to $4.58 billion and offering about a 10 percent boost to Terra’s payoff from CF’s previous offer. The ball is now bouncing through the court of Canada’s Agrium, which is bidding for CF, on its way back to Terra’s board, which will consider the improved bid later this week at a board meeting.

The offer is nearly 18 percent above Terra’s closing price on Friday, so it would appear all of CF’s cards are on the table. Terra shareholders voted last week to add three new members proposed by CF to the Terra board, increasing the chances that CF’s attempts to takeover its rival would be successful.

CF said in a letter to the Terra board of directors dated Dec. 4, that it was “prepared to meet immediately and to sign a merger agreement before the market opens on Monday, December 7th.”

If Terra says yes, CF will probably be too big for Canada’s Agrium to swallow. That’s been the plan for CF, as it has fended off hostile approaches from Agrium for months. And the clock could be ticking, with funding CF’s funding commitments set to expire later this month.

Monday’s big deal stories:

Dubai moves to ring-fence prized assets from the $26 billion debt restructuring of Dubai World, denting already fragile investor sentiment ahead of talks between the struggling conglomerate and key creditors.

British confectioner Cadbury (CBRY.L) gives itself a week to post a formal response to Kraft’s (KFT.N) $16 billion takeover offer.

British waste management firm Shanks Group Plc reveals a 536 million pound ($889 million) buyout approach, sending its shares soaring, but says its board and key shareholders were looking for at least 10 percent more.

For more on these and the rest of the latest deal-related news from Reuters, go here.

And in the papers:

Hypermarcas (HYPE3.SA), Brazil’s largest maker of toiletries and over-the-counter medicines, may acquire Brazilian drug manufacturer Neo Quimica this week, the Estado de Sao Paulo paper says. Reuters story here.Kuwait’s sovereign wealth fund will invest the proceeds of a $4.1 billion sale of a stake in Citigroup (C.N) abroad and not in the local market, al-Rai newspaper quoted the country’s finance minister as saying.

Taiwan’s Sinopac Financial Holdings (2890.TW) expects to take a 51 percent stake in Bank International Ningbo, which has operations in Ningbo, Shanghai and Beijing, the Chinese-language Commercial Times said, without citing sources. Reuters story here.

China Gas Holdings (0384.HK) is in talks to sell a stake in its liquefied petroleum gas subsidiary to PetroChina (601857.SS) (0857.HK) in a deal that will lead to a separate listing of the subsidiary in Shanghai, the South China Morning Post reports. Reuters story here.

British water company United Utilities (UU.L) has hired JP Morgan Cazenove to oversee an auction as part of a wide-ranging asset disposal, the Sunday Times reported.