Mosaic Shares Falter After Vale's $1.26 Billion Mosaic Stock Sale
November 05 2021 - 10:48AM
Dow Jones News
By Robb M. Stewart
Mosaic Co.'s shares were under pressure Friday after iron ore
producer Vale moved to raise about $1.26 billion by exiting its
stake in the phosphate and potash company and Mosaic agreed to buy
some of the stock being offloaded.
In morning trading, Mosaic was trading 4.4% lower at $37.10,
narrowing the gain since the end of last year to 61%.
Mosaic said the Brazilian company priced an offering of about
34.2 million Mosaic shares, its entire stake. The offering is set
to close Thursday.
The company said it agreed to repurchase just over 8.5 million
of its own shares from Morgan Stanley at a price per share equal to
what the offering underwriter will buy the shares from Vale.
Vale picked up the shares of Mosaic as part of the sale to the
company in 2018 of its fertilizer business.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 05, 2021 11:33 ET (15:33 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Vale (NYSE:VALE)
Historical Stock Chart
From Apr 2024 to May 2024
Vale (NYSE:VALE)
Historical Stock Chart
From May 2023 to May 2024