With no alternate bid seen, Mosaic shares drop

Investors moved quickly to mimic Cargill's [CARG.UL] spin off of its majority holding in Mosaic Co (MOS.N), sending the shares of the world's second-largest fertilizer producer down more than 6 percent.

In a three-step deal, Cargill will shed its 64 percent stake in Mosaic, or 286 million shares worth some $24 billion, to Cargill's shareholders and debt holders.

Market consensus on Wednesday was that no other companies had stepped forward with alternate bids and that the deal with Cargill perhaps was not the best option for minority Mosaic shareholders. [ID:nN18168494]

"If there were a $120 (per-share) deal on the table it probably would have been announced," said one arbitrage investor who spoke on the condition of anonymity.

Read Full Article from Reuters

- Posted: 2011-01-19 10:55:29

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