Phosphate Resource Partners Limited Partnership Sets Record Date for Special Meeting of Partners on Merger With IMC Global
August 24 2004 - 10:16AM
PR Newswire (US)
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/
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