Cargill, IMC Joint Venture Called Mosaic

MINNEAPOLIS - Jun 18/04 - SNS -- The publicly traded fertilizer company formed through the combination of Cargill Crop Nutrition, a business unit of Cargill, Incorporated, and IMC Global Inc. will be named Mosaic.

The company's claim the Mosaic name reflects a close collaboration between the new company and its customers, suppliers and communities. During the past four months, executives from both companies reviewed and tested more than 3,000 naming options, 1,000 of which were submitted by employees, with customers and employees around the world.

Mosaic is expected to have pro forma, trailing annual revenues of over $4 billion. The new company will operate phosphate production facilities in Florida and Louisiana in the United States and potash production facilities in Saskatchewan, Canada, as well as in New Mexico and Michigan in the United States.

It also will be a 50% owner in Saskatchewan-based Saskferco Products, Inc., one of the world's most efficient nitrogen production facilities; have equity interests in phosphate production facilities in the key growth markets of Brazil and China; and operate key distribution facilities in 11 countries, serving customers in 33 countries.

The combination is subject to regulatory approval in the United States, Canada and several other countries; the approval of IMC Global shareholders; the completion of the merger between Phosphate Resource Partners Limited Partnership and a subsidiary of IMC Global, pursuant to which holders of publicly traded PLP units would be offered an exchange rate of 0.2 shares of IMC Global common stock for each PLP unit; and satisfaction of other customary closing conditions.