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Martin Moylan
ST. PAUL, Minn.

Mosaic to buyback shares held by Cargill trusts

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The Mosaic Co., the world's largest phosphate-fertilizer producer, has agreed to repurchase about $2 billion of its shares held by charitable trusts associated with the Cargill family.

Mosaic stock is held by the Margaret A. Cargill Foundation and Anne Ray Charitable Trust. The two trusts have nearly $6 billion in assets between them, according to documents filed in 2012.

Plymouth-based Mosaic will buy back about half the shares next month. The rest of the stock will be purchased in installments over the rest of 2014.

Mosaic was formed about 10 years ago by the merger of a fertilizer company and Cargill's crop nutrition division. The stock purchase is expected to help Mosaic's share price and reduce speculation the company could be a takeover target.