14 July 2008 23:51 [Source: ICIS news]
HOUSTON (ICIS news)--The Mosaic Company and Investment Saskatchewan announced on Monday an agreement to sell Saskferco Products to Yara International for approximately C$1.6bn ($1.6bn, €1bn).
"We are pleased to reach an agreement for the sale of Saskferco," Mosaic president and CEO Jim Prokopanko said.
He added: "The timely sale of Saskferco will allow us to focus on our core potash and phosphate businesses, with the proceeds from the sale to be used for the planned expansions of our ?xml:namespace>
"The sale is subject to customary closing conditions, including approvals under the Investment Canada Act and the Competition Act. Closing is currently anticipated in the third calendar quarter of 2008.
CIBC World Markets is acting as financial advisor and MacPherson Leslie & Tyerman is acting as legal counsel to Saskferco.
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients.
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