By Robb M. Stewart 
 

Mosaic Co.'s shares were under pressure Friday after iron ore producer Vale moved to raise about $1.26 billion by exiting its stake in the phosphate and potash company and Mosaic agreed to buy some of the stock being offloaded.

In morning trading, Mosaic was trading 4.4% lower at $37.10, narrowing the gain since the end of last year to 61%.

Mosaic said the Brazilian company priced an offering of about 34.2 million Mosaic shares, its entire stake. The offering is set to close Thursday.

The company said it agreed to repurchase just over 8.5 million of its own shares from Morgan Stanley at a price per share equal to what the offering underwriter will buy the shares from Vale.

Vale picked up the shares of Mosaic as part of the sale to the company in 2018 of its fertilizer business.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

November 05, 2021 11:33 ET (15:33 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Vale (NYSE:VALE)
Historical Stock Chart
From Dec 2021 to Jan 2022 Click Here for more Vale Charts.
Vale (NYSE:VALE)
Historical Stock Chart
From Jan 2021 to Jan 2022 Click Here for more Vale Charts.