14 June 2010 16:58 [Source: ICIS news]
HOUSTON (ICIS news)--US fertilizer major Mosaic is discussing the possible acquisition of Mexico phosphate fertilizer producer Grupo Fertinal, media reports said on Monday.
Mosaic did not respond to requests for comment following the initial Sunday report by the Wall Street Journal that Minnesota-based Mosaic was discussing acquiring Mexico City-based Fertinal for as much as $1bn (€830m).
Privately-held Fertinal operates several phosphate mines and fertilizer production plants in Mexico, most notably at the port city of Lazaro Cardenas - where the company’s 1.1m tonne/year plant produces diammonium phosphate (DAP), monoammonium phosphate (MAP) and other fertilizer products for domestic and international markets.
An acquisition of Fertinal would represent Mosaic’s first entry into Mexican fertilizer production.
Mosaic is the world’s largest producer of finished phosphate fertilizers with annual production of 10.3m tonnes. Production facilities for phosphates are located in the US, Argentina, Chile, Brazil and China.
In early Monday trading on the New York Stock Exchange, shares of Mosaic traded at $45.04, down 20 cents - or 0.4% - from the prior session’s close.
($1 = €0.83)
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