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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Archer Daniels Midland Company | NYSE:ADM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.05% | 58.69 | 59.77 | 58.24 | 58.82 | 5,208,383 | 00:50:00 |
By John Kell
Mosaic Co. agreed to pay $350 million to acquire Archer Daniels Midland Co.'s fertilizer distribution business in Brazil and Paraguay, a move aimed at better tapping a promising agricultural market.
The fertilizer company had previously signaled it intended to invest in additional distribution assets in Brazil, a market Mosaic claims is the largest potash importer in the world, with growth expected to continue owing to rising demand and lower domestic production.
In particular, Mosaic had said it was looking to invest in additional distribution assets in Brazil.
The deal Mosaic signed with Archer Daniels includes four blending and warehousing facilities in Brazil and one in Paraguay. The all-cash deal assumes the delivery of $150 million in working capital at closing.
The companies have also negotiated the terms of five-year fertilizer supply agreements, in which Mosaic will supply Archer Daniels's fertilizer needs in those two countries.
Mosaic President and Chief Executive James Prokopanko said the acquisition announced Tuesday complements other recent moves, including the company's $1.4 billion purchase of fellow fertilizer company CF Industries Holdings Inc.'s phosphate operations.
Write to John Kell at john.kell@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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