Potter Anderson Represents Special Committee of Mosaic in Split-off of Cargill Stake
The law firm of Potter Anderson & Corroon LLP served as counsel to the Special Committee of the Board of Directors of The Mosaic Company in a split-off transaction valued at approximately $24.3 billion. In the transaction, Cargill Inc. will divest its majority stake in the fertilizer company. Potter Anderson partners Michael B. Tumas and Michael K. Reilly served as Delaware counsel.
The deal is structured to permit Cargill stockholders to exchange Cargill shares for approximately 179 million Mosaic shares held by Cargill. Cargill expects to exchange the remaining 107 million Mosaic shares for Cargill debt held by third parties. After the closing, Mosaic will resell approximately 157 million Mosaic shares through a secondary offering.