Mosaic Cuts Vale Fertilizantes Deal Price by $500 Million
02 Janeiro 2018 - 10:25AM
Dow Jones News
By Allison Prang
Mosaic Co. (MOS) on Tuesday said it reached a revised agreement
to buy Vale S.A.'s (VALE) fertilizer business, reducing the
consideration by about $500 million.
Mosaic said it will now pay $1.15 billion in cash and 34.2
million shares for Vale Fertilizantes, valuing the deal at about
$2.03 billion based on Mosaic's closing price of $25.66 on Friday.
The deal was previously valued at about $2.5 billion.
Mosaic, a producer of agricultural-fertilizer components
phosphate and potash, said Brazil's Vale will keep its equity
ownership of the Tiplam port, and Mosaic will be able to use the
port facility.
Mosaic said its "conviction in the long-term outlook for the
business and the promise of Brazil has not changed," and that it
expects to complete the acquisition on or around Jan. 8.
Mosaic shares were flat in premarket trading Tuesday.
Write to Allison Prang at allison.prang@wsj.com.
(END) Dow Jones Newswires
January 02, 2018 07:10 ET (12:10 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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