With 11 million tonnes of phosphates and 5

Major manoeuvres with a view in the fertilizer and agri-food. In announcing Tuesday night out of potash, Cargill was immediately relaunched speculation about possible concentrations in this sector and on its future acquisitions.

U.S. trading of agricultural products giant intends to make its freedom to its subsidiary of potash and phosphate Mosaic Company, a heavy weight of this trade, which it holds 64 of the capital. The very complex operation is estimated at $ 24.3 billion. She returned to transfer 286 million of securities Mosaic to shareholders and creditors of Cargill. The new owners can then, at the horizon of two years, resell their shares Mosaic, making it the opéable company.

For Cargill, this disengagement is a double interest. Respect for the obligations of the shareholders, first. The 179 million shares Mosaic that will return them, $ 15.2 billion, will notably enable them to continue to respect the last wishes of Margaret Cargill, the granddaughter of the founder who died in 2006. The charitable fund managing his legacy (17 of the capital of the Group) will be able to pursue its charitable works, participation had become liquid.

The debt, then. Creditors of Cargill will indeed perceive 107 million shares Mosaic, $ 9 billion. However, this reduction of the debt is impossible to put in perspective; the group is not listed in, it does communicate not indeed the amount of its indebtedness, simply display its sales (107.9 billion for the year ended May 31), cash flow from operations (4.5 billion) and net profit (2.6 billion).

In any event, Cargill will have a better record. Markets, investors projected already yesterday on the rapid use of this new flexibility. With a possible target identified: Tate & Lyle. The title of the British giant, which has focused on food ingredients since that he gave his sugar activity last July, grew more than 7 yesterday at the meeting, up to its highest level for three years.

Take its destiny in hand

Mosaic, for its part, will have to take its destiny in hand. The Plymouth company in Minnesota, which has carried out in 2009-2010 a turnover of $ 6.8 billion and made a net profit of $ 827 million, is a major player in fertilizers. With 11 million tonnes of phosphates and 5.5 million tonnes of potash sold its last exercise, it may claim third world place in potash behind the Canadian Potash Corp. and the new Russian group of the merger between Silvinit and Uralkali.

Mosaic is also a member, with groups Potash Corp. and Agrium, Consortium Canpotex, which markets abroad potash extracted to the Canada and helps control this market.

In two years, while it will no longer a shareholder of reference, Mosaic may well constitute an ideal target. BHP Billiton as frustrated by the recent failure of the OPA on Potash Corp., the Anglo-Australian giant mines could find there the opportunity to take a second chance to strongly increase its positions in the fertilizer. It may not be the only one. Fertilizer prices have made great progress. This might encourage Brazilian Vale, for example, to enter the race.