Mosaic stockholders approve split-off from Cargill

by World Grain Staff
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PLYMOUTH, MINNESOTA, U.S. — The Mosaic Company announced that at a special meeting of stockholders held on May 11, its stockholders adopted the merger and distribution agreement related to the previously announced transactions in which Cargill is expected to distribute its approximately 64% interest in Mosaic to Cargill stockholders and certain debt holders.

The transaction received the necessary majority approval by non-Cargill stockholders. Approximately 58% 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% voted in favor of the transaction.

"We are gratified by the overwhelming support of our stockholders," said 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.
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