IMC to Sell Three Units to Mincorp.(IMC Global Inc)

Chemical Market Reporter, January, 1999 by BROWN, ROBERT

Company expects $520 million for its soda ash, bicarb and boron divisions. IMC GLOBAL INC. has signed a definitive agreement to sell its IMC Chemicals soda ash, sodium bicarbonate and boron businesses to Mincorp LLC, a holding company of Citicorp Venture Capital, in a transaction valued at nearly $520 million.

The deal is expected to close early in 1999. Under the agreement, IMC's initial consideration will consist of roughly $400 million of cash and assumed debt, an ongoing minority interest in the resulting new company and the funding by the new company of the purchase of a European soda products plant. IMC says the transaction will result in an estimated non-cash, after-tax loss of about $30 million, subject to finalization at closing. The...

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