Mosaic Completes Vale Fertilizantes Acquisition
Mosaic has completed its Vale Fertilizantes acquisition, paying roughly $2.05 billion for the company's phosphate and potash assets based on Mosaic’s share price of $26.29 at the time of writing. The final price tag was $450 million below the initial offer, which we think is a fair deal for shareholders. We had already assumed the acquisition would close in early 2018, and as such, we maintain our $32 per share fair value estimate. Our no-moat rating is unchanged....Mosaic is a producer and marketer of concentrated phosphate and potash crop nutrients. The company is organized into three reportable business segments: Phosphates, which owns and operates mines and production facilities in Florida that produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana that produce concentrated phosphate crop nutrients; Potash, which mines and processes potash in Canada and the United States and sells potash in North America and internationally; and Mosaic Fertilizantes, which produces and sells concentrated phosphates crop nutrients, phosphate-based animal feed ingredients and potash fertilizer.
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