Phosphate Resource Partners Unitholders Approve Merger With Subsidiary of IMC Global
20 October 2004 - 9:15AM
PR Newswire (US)
Phosphate Resource Partners Unitholders Approve Merger With
Subsidiary of IMC Global LAKE FOREST, Ill., Oct. 19
/PRNewswire-FirstCall/ -- Phosphate Resource Partners Limited
Partnership (NYSE:PLP) announced today that its partners, which
includes its public unitholders, voting at a special meeting held
this morning, have approved the proposed merger of PLP with and
into a subsidiary of IMC Global Inc. (NYSE:IGL). The merger was
approved by the affirmative vote of partners of PLP owning
92,573,194 units, representing 89.5% of the partnership interests
in PLP. The proposed merger was announced on March 1, 2004 and was
closed today after the special meeting. Under the terms of the
merger, each publicly traded PLP unit will be exchanged for the
right to receive 0.2 shares of IMC common stock. After today, PLP
will no longer be a separate publicly traded partnership. IMC
shareholders of record as of September 3, 2004 will vote on October
20, 2004 at a special meeting of IMC regarding the combination of
IMC and Cargill Crop Nutrition. If the combination is approved, the
right of PLP unitholders to receive shares of IMC will be converted
to the right to receive stock in the new company resulting from the
combination of IMC and Cargill Crop Nutrition named The Mosaic
Company. About Phosphate Resource Partners Limited Partnership PLP
is engaged in the production and sale of phosphate crop nutrients
and animal feed ingredients. For more information, visit the PLP
Web site at http://www.phosplp.com/ . About IMC Global Inc. From
multiple mines and plants in North America, IMC Global serves world
agriculture as the largest producer and marketer of concentrated
phosphates and potash crop nutrients. It also is a leading global
provider of phosphorus and potassium feed ingredients for the
animal nutrition industry. IMC Global has 5,000 employees and
customers in nearly 50 countries. With products essential for life,
IMC Global "feeds the land that feeds the world." For more
information, visit http://www.imcglobal.com/ . Cautionary
Information Regarding Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, expectations regarding the
proposed transaction with Cargill Crop Nutrition. Such statements
are based upon the current beliefs and expectations of IMC Global's
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in IMC
Global's forward-looking statements: increased competition and its
effect on pricing, spending, third-party relationships and
revenues; the risk of new and changing regulation in the U.S. and
internationally; recovery of the phosphate market; DAP and potash
pricing, margins and realizations; the prices of raw materials;
regulatory and shareholder approvals of pending transactions; the
cost of maintenance and water handling materials and third party
contractors; and costs associated with regulatory compliance with
water handling and treatment rules and regulations. Additional
factors that could cause IMC Global's results to differ materially
from those described in the forward-looking statements can be found
in the 2003 Annual Report on Form 10-K of IMC Global as amended by
Amendment No. 1 on Form 10/K-A, filed with the SEC and available at
the SEC's Web site ( http://www.sec.gov/ ). Not a Proxy
Solicitation for the IMC Global Combination With Cargill Crop
Nutrition Combination This communication is not a solicitation of a
proxy from any security holder of IMC Global or Cargill,
Incorporated. The Mosaic Company (formerly Global Nutrition
Solutions, Inc.) has filed a definitive proxy statement/prospectus
regarding the proposed transaction with the SEC, which was mailed
to IMC Global's common stockholders on or about September 21, 2004.
Stockholders are urged to read the definitive proxy
statement/prospectus regarding the proposed transaction, because it
contains important information. Stockholders are able to obtain a
free copy of the definitive proxy statement/prospectus, as well as
other filings containing information about Cargill and IMC Global,
without charge, at the SEC's Internet site ( http://www.sec.gov/ ).
Copies of the definitive proxy statement/prospectus and the filings
with the SEC that have been and will be incorporated by reference
in the definitive proxy statement/prospectus can also be obtained,
without charge, by directing a request to IMC Global Inc., 100
South Saunders Road, Lake Forest, Illinois 60045-2561, Attention:
Douglas A. Hoadley, or by telephone at (847) 739-1200, email: , or
to Cargill, Incorporated, 15407 McGinty Road West, MS 25, Wayzata,
Minnesota 55391, Attention: Lori Johnson, or by telephone at (952)
742-6194, email: . The respective directors and executive officers
of Cargill and IMC Global and other persons may be deemed to be
participants in the solicitation of proxies in connection with the
proposed transaction. Information regarding such persons and a
description of their direct and indirect interests, by security
holdings or otherwise, is contained in the definitive proxy
statement/prospectus filed with the SEC on September 20, 2004.
DATASOURCE: Phosphate Resource Partners Limited Partnership
CONTACT: Investor and Media, Douglas A. Hoadley of IMC Global Inc.,
+1-847-739-1826, Web site: http://www.imcglobal.com/
http://www.phosplp.com/
Copyright
I M C Global (NYSE:IGL)
Historical Stock Chart
From Nov 2024 to Dec 2024
I M C Global (NYSE:IGL)
Historical Stock Chart
From Dec 2023 to Dec 2024