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Fertilizer Firms IMC and Vigoro Agree to Merge

November 14, 1995|From Reuters

CHICAGO — IMC Global Inc. said Monday it agreed to acquire Vigoro Corp. for nearly $1.2 billion in stock, in a merger that would create one of the world's biggest fertilizer suppliers.

IMC, based in Northbrook, Ill., produces phosphates and other fertilizer ingredients at six plants in Florida and Louisiana. It also mines potash, an ingredient in fertilizers and soaps, in Saskatchewan, Canada, and New Mexico.

Chicago-based Vigoro produces potash, nitrogen and other fertilizer ingredients at mines in Saskatchewan and the United States. It also sells fertilizer and other products at 200 retail stores located mainly in the Midwest.

Under the agreement, Vigoro shareholders will receive 0.8 share of IMC stock.

Based on IMC's stock price Monday of $73, off $1.625, the merger would be worth about $1.16 billion.

Vigoro's stock jumped $9.75 to close at $55, on the New York Stock Exchange. (See Stockwatch, D8.)

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