Mosaic offers $1.4 bil for plant

Investor's Business Daily

In a move that will expand its capacity to make fertilizer in the South, Mosaic (MOS) has agreed to buy the Florida phosphate business of rival CF Industries (CF). Mosaic will pay $1.2 bil cash and put $200 mil into a fund CF Industries has set up to meet environmental requirements. The deal includes CF's 22,000-acres South Pasture mine, a factory, and an ammonia terminal and warehouse. The mine Mosaic is buying is located near a site for another mine it plans to build. Mosaic rose 1.6% to 46.67. CF Industries rose 4.2% to 218.36.

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