Aug. 19 at 6:11 PM
$FMC Tessenderlo / not taking it over. Not in the deal they signed. It is structured as a cornerstone minority, not a first step that is already in motion.
~
$403 million for 30.3 million new shares at
$13.30, ~20% after close (still pending regulatory approvals).
One board seat plus an observer.
36-month lock-up and a standstill (they cannot just keep buying control).
They generally vote with the board.
They get preemptive rights to stay at 20%, not a path to 51%.
FMC chose capital + a friendly 20% holder over a sale at a trough. Tessenderlo is the most important new shareholder and the natural candidate if a full deal ever comes back, but the contracts are written to keep FMC independent for at least three years. Any later takeover would need a new negotiation, a much higher price than
$13.30, and antitrust/CFIUS review depending on the buyer.
