Mosaic Co. announced it plans to sell its Argentina and Chile operations. The announcement came just days after the world’s largest phosphate fertilizer producer announced it was acquiring CF Industries’ phosphate business.
“After significant evaluation and review, Mosaic has decided to pursue a sale of our operations,” Rob Litt, a Mosaic spokesman told Bloomberg News in an e-mail. “We will immediately begin preparations for a sale process and will work quickly to complete a transaction.”
Litt did not explain to Bloomberg News why the company was seeking to sell the operations.
Pablo Bussetti, president of the producers association called Fertilizar, told Bloomberg News, “It is clear Mosaic’s strategic plans are in a different part of the world. They are the largest producers of phosphate in Argentina, with more than half of the market share, and I am sure they will receive many offers.”
On Oct. 28, Mosaic agreed to acquire a mine and other assets from CF Industries Inc. for $1.2 billion.