Cargill to distribute Mosaic stake to shareholders

Agribusiness giant Cargill will distribute its 64 percent stake in The Mosaic Company to Cargill stakeholders and debt holders.

Cargill, a privately held conglomerate based in Minnetonka, owns 286 million shares of Plymouth-based Mosaic. Cargill used to own all of the Plymouth fertilizer maker until it sold some shares to the public.

Cargill says getting rid of the rest of its stake in Mosaic will allow it to maintain its status as a private company and keep Cargill's management team focused on the businesses it runs.

Mosaic, in turn, says it will improve its financial flexibility through the transaction.

Mosaic expects no impact on its current business operations, bBut the transaction will likely affect Cargill's finances. Last week Cargill reported that Mosaic contributed $658 million to its bottom line in the latest quarter.

Cargill's stake in Mosaic is estimated at $24 billion. The companies say the deal should close in the second quarter.