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)