Vale in Secondary Block Trade of Mosaic Common Stock

November 4, 2021

Cleary Gottlieb represented Vale S.A. (Vale) in a registered secondary block trade of common stock of The Mosaic Company (Mosaic).

Prior to this transaction, Vale and a subsidiary held approximately 10.1% of the outstanding shares of Mosaic’s common stock, which they acquired when Vale sold certain fertilizer businesses to Mosaic in 2018. It sold an aggregate of 34.18 million shares of common stock of Mosaic, representing all of the shares of common stock of Mosaic owned by Vale and its subsidiary, to Morgan Stanley & Co. LLC, the underwriter of the offering, at $36.84 per share. The total net proceeds were approximately $1.26 billion. The offering priced on November 4, 2021, and is expected to close on November 9, 2021.