The U.S. Department of Justice has approved Mosaic Co's $1.4 billion purchase of CF Industries' Florida phosphate business, Mosaic said.
The deal, which still requires other regulatory approvals, gives Mosaic, the world's biggest producer of phosphate fertilizer products, a bigger hold on North American sales, and some analysts speculated that it may raise competition concerns.
The price includes $200 million to cover the closure and long-term care of phosphogypsum stacks, a radioactive by-product of phosphate production, under CF's current Florida operations.
Minnesota-based Mosaic, which operates other phosphate facilities nearby, would acquire the South Pasture phosphate mine and plant, a phosphate manufacturing plant and ammonia terminal and warehouse facilities.
Once the deal closes, Illinois-based CF will focus on nitrogen production.
Source: www.agprofessional.com/