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Phosphate Resource Partners Limited Partnership Sets Record Date
for Special Meeting of Partners on Merger With IMC Global
LAKE FOREST, Ill., Aug. 24 /PRNewswire-FirstCall/ -- Phosphate Resource
Partners Limited Partnership (NYSE:PLP) today announced that it has established
a record date for a special meeting of partners, which includes all public
unitholders, to consider and vote upon the proposed merger agreement pursuant
to which PLP will merge with a subsidiary of IMC Global Inc. (NYSE:IGL). Under
the terms of the merger agreement, each publicly traded unit of PLP would be
converted into the right to receive 0.2 shares of IMC Global common stock.
In addition, as previously announced, IMC Global has entered into a merger and
combination agreement pursuant to which IMC Global will combine its businesses
with the fertilizer businesses of Cargill, Incorporated to form a new, publicly
traded company named The Mosaic Company. If IMC Global's combination with
Cargill is consummated following completion of PLP's merger with IMC Global,
then each share of IMC Global common stock that PLP unitholders receive
pursuant to PLP's merger with IMC Global would be converted into the right to
receive one share of common stock of The Mosaic Company.
PLP unitholders of record at the close of business on September 3, 2004 will be
eligible to vote on the proposal and to attend the special meeting of partners.
PLP and IMC Global are working cooperatively with the Securities and Exchange
Commission to obtain effectiveness of a definitive proxy statement/prospectus
to be mailed to unitholders of record with respect to the merger with IMC
Global. PLP will establish a definitive date for the special meeting of
unitholders and send the definitive proxy statement/prospectus to unitholders
of record following notice of such effectiveness. The definitive proxy
statement/prospectus will contain important information about the proposed
merger with IMC Global. Unitholders are urged to read the definitive proxy
statement/prospectus when it becomes available. The definitive proxy
statement/prospectus also will include the date, time and location of the
special meeting.
About Phosphate Resource Partners Limited Partnership
PLP is engaged in the production and sale of phosphate crop nutrients and
animal feed ingredients. For more information, visit the PLP Web site at
http://phosplp.com/ .
About IMC Global Inc.
From multiple mines and plants in North America, IMC Global serves world
agriculture as one of the largest producers and marketers of concentrated
phosphates and potash crop nutrients. It also is a leading global provider of
phosphorus and potassium feed ingredients for the animal nutrition industry.
IMC Global has 5,000 employees and customers in nearly 50 countries. With
products essential for life, IMC Global "feeds the land that feeds the world."
For more information, visit http://www.imcglobal.com/ .
Not a Proxy Solicitation for the PLP Merger Proposal
This communication is not a solicitation of a proxy from any unitholder of PLP.
If the PLP merger transaction is pursued and moves forward to a vote of PLP
unitholders, prior to any vote, PLP will mail, once a registration statement
has been declared effective by the Securities and Exchange Commission, a proxy
statement/prospectus and other relevant documents concerning the PLP merger
transaction. At that time PLP unitholders will be urged to read the proxy
statement/prospectus and any other relevant documents filed with the Securities
and Exchange Commission because they will contain important information
relating to IMC Global, PLP and the proposed merger. You will be able to obtain
the document free of charge at the website maintained by the Securities and
Exchange Commission at http://www.sec.gov/ . In addition, you may obtain
documents filed with the SEC by IMC, including periodic reports and current
reports, free of charge by requesting them in writing from IMC Global Inc., 100
South Saunders Road, Lake Forest, Illinois 60045-2561, Attention: Douglas A.
Hoadley, or by telephone at (847) 739-1200; or by e- mail: . You may obtain
documents filed with the Securities and Exchange Commission by PLP free of
charge by requesting them in writing from Phosphate Resource Partners Limited
Partnership, 100 South Saunders Road, Suite 300, Lake Forest, Illinois
60045-2561, or by telephone, (847) 739-1200.
IMC Global, and its directors, executive officers and certain members of
management and employees may be considered "participants in the solicitation"
of proxies in connection with any possible merger transaction. Information
regarding such persons and their interests in PLP is set forth in PLP's Annual
Report on Form 10-K for the year ended December 31, 2003 under Items 10 and 12.
Investors also can obtain information regarding such persons and their
interests in the merger by reading IMC Global's registration statement on Form
S-4, originally filed with the Securities and Exchange Commission on April 19,
2004 and as subsequently amended.
DATASOURCE: Phosphate Resource Partners Limited Partnership
CONTACT: Investors and Media, Douglas A. Hoadley for Phosphate Resource
Partners Limited Partnership, +1-847-739-1826,
Web site: http://phosplp.com/
http://www.imcglobal.com/