Vale has now completed the acquisition, for a price of US$ 3 billion, of a total of 58.6% of direct and indirect participation in the capital stock of Fosfertil, a company which produces fertilizer nutrients.
In addition, the mining conglomerate has also announced the completion of the purchase of the Brazilian assets of Bunge in the fertilizer business, totaling US$ 1.7 billion.
The operation with Fosfertil involves the purchase of Yara, Fertilizantes Heringer and also Fertipar, as well as the participation in Bunge, which controlled the company. The price per share was US$ 12.0185.
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The purchase of the Bunge assets in the fertilizer business includes phosphate rock mines and also phosphate production units. This deal does not include distribution or retail operations.
For the same price paid to the other shareholders, Vale shall be making a public offering to acquire 0.19% of the ordinary shares in Fosfertil, currently in the hands of minority shareholders.
The company also has a contract with an option to purchase a 20.27% stake in the social capital of Fosfertil – also at a price of US$ 12.0185 per share, which gives a total cash value of US$ 1.029 billion. “This deal should be completed in the near future”, the company says.
Vale says that this transaction is in line with the company’s strategy of seeking global leadership in the fertilizer market.
“In the light of the quality of the assets purchased and also good market Fundamentals, we hope this deal shall produce above-average returns of our weighted average capital cost, creating significant value for our shareholders”, the mining company said.
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