Agricultural Chemicals | Uberaba, Brazil | Corporate Acquisition
A regulator in Brazil has approved the $2.5 billion acquisition of Vale Fertilizantes by Mosaic, per Reuters. Vale, the current majority owner of Vale Fertilizantes, will have the potential to earn an additional $260 million over the next two years if the fertilizer unit reaches certain financial milestones. Mosaic will also acquire Vale's 40% stake in the Miski Mayo phosphate mine in Peru along with Vale's potash project in Saskatchewan, Canada. Shares of Mosaic (NYSE: MOS) dropped over 5% Tuesday.