Mosaic says 7.5% preferreds convert to stock

New York, June 30 - Mosaic co. said Friday that all of its outstanding 7.50% Mandatory convertible preferred shares and class B common stock will automatically convert into common stock on July 1.

Mosaic currently has 2.75 million preferred shares outstanding. They will convert into 17.721 million common shares at a conversion rate of 6.4440.

The class B shares, of which there are 5,458,955 outstanding, all held by Cargill Fertilizer, Inc., will convert into 35,177,450 shares of common stock.

Mosaic is a Plymouth, Minn., supplier of concentrated phosphate and potash crop nutrients.

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