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Land O'Lakes Sells CF Share
NEW YORK - Aug 17/05 - SNS -- Land O'Lakes, Inc. completed the sale of its 38% equity interest in CF Industries, a domestic fertilizer manufacturing company.
The CF Industries board (representing CF's eight cooperative owners), came to the decision to make an initial public offering (IPO) of stock in the company after considerable evaluation of strategic alternatives for the positioning of this business.
The IPO was priced on August 10 at $16.00 per share, at which time Land O'Lakes was slated to reduce its ownership position from 38% to approximately 8% in exchange for $252 million in cash. Since that time, the underwriters have exercised their option to purchase Land O'Lakes remaining interest in CF Industries, increasing the total proceeds to Land O'Lakes to $315 million.
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