Mosaic Stockholders Approve Split-Off From Cargill
PLYMOUTH, Minn., May 11, 2011 /PRNewswire/ — The Mosaic Company (NYSE: MOS) announced that at a special meeting of stockholders held today, its stockholders adopted the merger and distribution agreement related to the previously announced transactions in which Cargill, Incorporated is expected to distribute its approximately 64 percent interest in Mosaic to Cargill stockholders and certain debt holders.
The transaction received the necessary majority approval by non-Cargill stockholders. Approximately 58 percent of outstanding shares held by non-Cargill shareholders voted in favor of the transaction. Of the shares voted by the non-Cargill shareholders, over 98 percent voted in favor of the transaction.
“We are gratified by the overwhelming support of our stockholders,” stated Jim Prokopanko, President and Chief Executive Officer of Mosaic. “This vote of confidence supports our belief that becoming a fully independent company will be good for our stockholders, customers and employees.”
Based upon discussions with Cargill, Mosaic currently expects that the closing of the transactions will occur by the end of May, subject to the satisfaction or waiver of closing conditions.
About The Mosaic Company
The Mosaic Company is one of the world’s leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.
SOURCE The Mosaic Company