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The Mosaic Company (NYSE:MOS) announced today that its Board of Directors approved a new share repurchase authorization in the amount of $1.5 billion, allowing Mosaic to repurchase Class A or common shares, through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise.
The Mosaic Company (NYSE:MOS) announced today that its Board of Directors approved a new share repurchase authorization in the amount of $1.5 billion, allowing Mosaic to repurchase Class A or common shares, through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise.
As quoted in the market news,
As part of the new authorization, Mosaic intends to execute an accelerated share repurchase (ASR) agreement in the near term for $500 million. The ASR agreement is expected to be completed by the end of September, 2015.
President and Chief Executive Officer Jim Prokopanko stated:
This new authorization, combined with our increased dividend, underscores confidence in our investments and Mosaic’s ability to grow cash flow across business cycles. Effectively allocating our capital to generate attractive long-term returns and returning excess capital to shareholders are top priorities.