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Mosaic to Buy Shares From Trusts for $1.2 Billion

(Corrects first and third paragraphs of story published Nov. 17 to show shares are being bought from trusts held by philanthropies founded by Margaret A. Cargill.)

Nov. 17 (Bloomberg) -- Mosaic Co., the largest U.S. producer of potash, will pay $1.2 billion to buy back shares from trusts held by philanthropies that were founded by Margaret A. Cargill, the late granddaughter of the founder of Cargill Inc.

The purchase will comprise 21.3 million shares at $54.58 apiece, the closing price yesterday, Plymouth, Minnesota-based Mosaic said today in a statement.

Cargill said in January it was exchanging its 64 percent stake in Mosaic for shares and debt held by Cargill investors and other parties. The deal allowed the trusts to exchange their Cargill shares and meet the needs of charitable trusts.

The transaction announced today completes the planned transfer of 157 million Mosaic shares, Mosaic said. Another 129 million shares are subject to transfer restrictions until November 2013.

UBS AG advised the Cargill trusts and JPMorgan Chase & Co. advised Mosaic.

Mosaic fell 7 percent to $50.76 at the close in New York.

To contact the reporters on this story: Simon Casey in New York at scasey4@bloomberg.net; Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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