UPDATE 1-Cargill declines to let Mosaic buy back shares before Nov
* Mosaic plans to start share repurchases after Nov. 26
* About 129 mln shares could be up for grabs
June 25 (Reuters) - Fertilizer maker Mosaic Co said it will not be able to repurchase its Class A restricted shares which are held by various trusts and family shareholders of agribusiness giant Cargill Inc until after Nov. 26.
Cargill declined to amend an agreement to allow for earlier share repurchases, Mosaic said in a statement on Tuesday.
Mosaic has been a takeover target since Cargill announced plans to spin off its 64 percent stake in the company in 2011.
About 129 million Class A restricted shares held by Margaret A Cargill Foundation, Anne Ray Charitable Trust and various family shareholders of Cargill -- representing about 30 percent of Mosaic -- could be up for grabs starting this year, fuelling speculation about who might want control.
Mosaic is the world's largest producer of finished phosphate products and North America's second-biggest potash producer.
The company had asked Cargill to amend the split-off agreement to allow it to repurchase its shares from the Class A shareholders before Nov. 26.
The Mosaic shares held by the Cargill shareholders will automatically convert to common shares starting in late November, unless sold earlier. Tax restrictions on the shares expired in late May.
Mosaic planned to have $2 billion in cash by the end of May to buy back some of the shares.
The company also deferred plans in May to expand potash mining in Western Canada until the global market for the soil nutrient recovers.
Mosaic's shares closed at $55.91 on the New York Stock Exchange on Tuesday.