Brazil regulator approves Mosaic purchase of Vale fertilizer unit
A Brazilian regulator has approved the acquisition of miner Vale's (VALE5.SA) fertilizer unit by U.S.-based Mosaic (MOS.N) without restrictions, according to a notice in the official government newspaper published Tuesday.
Mosaic agreed to buy Vale Fertilizantes in December for $2.5 billion in a deal that makes Vale the largest shareholder in the U.S. company while raising money to help the Brazilian miner to achieve its debt reduction goals.
"This acquisition gives Mosaic the opportunity to benefit from the growing Brazilian agriculture market. ... For Vale, the deal guarantees an important capital injection and a significant minority position in the global fertilizer business," the Administrative Council for Economic Defense (CADE) said in its published opinion approving the deal
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