Mosaic to Buy $2 Billion in Shares From Cargill Trusts
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Mosaic Co., the world’s largest phosphate-fertilizer producer, agreed to repurchase shares held by charitable trusts associated with the Cargill family with a market value of about $2 billion.
The 43.3 million Class A shares are held by the Margaret A. Cargill Foundation and the Anne Ray Charitable Trust. Plymouth, Minnesota-based Mosaic will buy back 21.7 million shares on Jan. 8 and pay the average closing price in the preceding 20-day period, the company said today in a statement. The rest of the stock will be purchased in seven installments beginning in February.