Mosaic Announces New $1.5 Bln Stock Buyback Authorization; Boosts Dividend

(RTTNews) - Fertilizer producer Mosaic Co. (MOS) said Thursday that its Board of Directors has approved a new share repurchase authorization in the amount of $1.5 billion.

The new authorization has no set expiration date, but it is expected to be completed over the next two to three year period depending on market conditions. The remaining amount under the company's current authorization has been cancelled.

As part of the new authorization, Mosaic plans to execute an accelerated share repurchase agreement in the near term for $500 million.

The accelerated share repurchase agreement is expected to be completed by the end of September, 2015.

Additionally, the company declared a quarterly dividend of $0.275 per share, which is an increase from the previous quarterly dividend of $0.25. The increased dividend will be paid on June 18 to stockholders of record on June 4.