Mosaic Seeks Bidders For Argentina And Chile Operations

According to a report on Bloomberg.com, Mosaic Co., the world’s largest phosphate-fertilizer producer, is selling its Argentina and Chile operations,

“After significant evaluation and review, Mosaic has decided to pursue a sale of our operations,” Rob Litt, a Mosaic spokesman, said in an e-mailed statement today in response to Bloomberg questions. “We will immediately begin preparations for a sale process and will work quickly to complete a transaction.”

Litt declined to comment on reasons for the sale in a telephone interview from Plymouth, Minnesota. He also declined to confirm that the unit on the sales block produces 550,000 tons a year of fertilizer, employs 130 workers and has annual sales of $300 million, as reported earlier today by the Buenos Aires-based newspaper La Nacion.

“It is clear Mosaic’s strategic plans are in a different part of the world,” Pablo Bussetti, president of the producers association called Fertilizar, said in a telephone interview from Bahia Blanca, Argentina. “They are the largest producers of phosphate in Argentina, with more than half of the market share, and I am sure they will receive many offers.”

Mosaic produces phosphate north of Buenos Aires in a factory near Rosario, Argentina, and handles distribution from Chile.

Mosaic agreed October 28 to acquire a mine and other assets from CF Industries Inc. for $1.2 billion to boost its output of the crop nutrient in Florida.

Source: Pablo Gonzalez, Bloomberg.com

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