Jan 25 Mosaic Co's (MOS.N) top executives may
sell part of their stake in the world's second-largest
fertilizer producer since they would not be able to sell after
the planned spin-off from Cargill Inc [CARG.UL].
Last week, agribusiness giant Cargill said it plans to spin
off its $24 billion majority stake in Mosaic, a move that could
eventually lead to a takeover of Mosaic. [ID:nN18168494]
Mosaic's Chief Executive James Prokopanko, Chief Financial
Officer Lawrence Stranghoener and others may sell a "modest"
part of their stake, the company said in a filing with U.S
regulators on Tuesday.
Prokopanko and Stranghoener each hold 0.2 percent of
Mosaic's total outstanding shares, according to Thomson Reuters
Neither Prokopanko nor Stranghoener have sold any of their
shares since Mosaic was formed in 2004, the company said.
"In addition, their ability to sell company stock over the
next several years may be constrained as a result of the public
offerings that are contemplated as part of the split-off,"
The executives will limit their sale of the stock to not
more than 15 percent of the dollar value of their holding,
which represents less than 0.1 percent of Mosaic's outstanding
shares, according to the filing.
Shares of the company were down 3 percent at $73.99 in
morning trade on Tuesday on the New York Stock Exchange. They
have fallen about 12 percent since Cargill announced its
spin-off on Jan. 18.
(Reporting by Thyagaraju Adinarayan in Bangalore; Ediiting by