Mosaic Launches 100M-Share Offering

The offering follows Cargill's plan to exchange a portion of its Mosaic stock for Cargill debt held by third parties.

The Mosaic Company on Thursday announced the launch of a secondary offering of its common stock after its shareholders approved a deal that would let Cargill, Inc., unload its 64 percent stake in the company.

Plymouth-based Mosaic said that 100 million shares are being offered in the deal, comprised of 92.5 million shares owned by Cargill's debt holders and 7.5 million shares owned by Cargill's family foundation-the Margaret A. Cargill trust.

Mosaic was formed in 2004 after Minnetonka-based Cargill combined its crop nutrition business with a phosphate mining company called IMC Global, Inc. Cargill announced plans to give up its majority stake in Mosaic in January. Mosaic's non-Cargill stockholders approved the split on Wednesday.

Agribusiness giant Cargill is Minnesota's largest private company based on revenue, which totaled $107.9 billion in 2010.

Mosaic Company is Minnesota's 12th-largest public company based on revenue for the fiscal year that ended in April 2010, which totaled $6.8 billion. Mosaic has 7,500 employees, and it produces and markets fertilizer ingredients.