Mosaic Completes Split-Off From Cargill

Mosaic has completed its recapitalization and split-off from agribusiness giant Cargill. In a filing with the U.S. Securities and Exchange Commission, it said Cargill had distributed its 64% stake in Mosaic. Privately-held Cargill sent about 178 million Mosaic shares to Cargill stockholders and about 108 million shares to Cargill debt holders in an exchange transaction.  The Cargill debt holders and certain stockholders were in turn selling 115 million shares to the public, including a 15 million share overallotment option that has been exercised in full by the underwriters in a secondary offering.

 Last week, after its shareholders approved the split-off from Cargill, Mosaic priced the secondary offering of 100 million shares at $65 per share. All Mosaic's shares have been recapitalized into three classes - common stock, class A common stock and class B common stock.  At the Reuters Global Food and Agriculture Summit in March, Mosaic Chief Executive Jim Prokopanko said he was thrilled Cargill was selling its majority stake. That would mean that Mosaic could finally trade on the S&P 500, and it likely will receive much attention from pension and mutual funds, he said.