Compass Minerals: Rises on sale of S.America specialty plant nutrition business

Icl

24/03/2021 14:29

** U.S.-based mineral producer's shares  CMP.N  up ~2.7% at
$63.9 in early trading
    ** Co to sell its South America specialty plant nutrition
business to ICL Brasil Ltda, a subsidiary of ICL Group  ICL.TA 
 urn:newsml:reuters.com:*:nBw4sY2hda
    ** Transaction agreement provides for total potential gross
cash proceeds of about $418 mln 
    ** CMP intends to prioritize the use of proceeds to pay down
debt in addition to other corporate purposes
    ** Deal is expected to close in the third quarter of 2021 
    ** Including session's gains, CMP up ~3.5% YTD

 (Reporting by Sahil Shaw in Bengaluru)
 ((sahil.shaw@thomsonreuters.com))