Financing ·
Tessenderlo Group buys $403M of FMC shares for 20% stake, gains board seat
FMCFmc Corp
FMC Corporation completed the sale of 30,319,166 shares of common stock to Tessenderlo Group NV at $13.30 per share for an aggregate purchase price of approximately $403 million. Following this transaction, Tessenderlo Group holds approximately 20.0% of FMC's outstanding shares. Concurrently, the parties entered into an Investor Agreement and a Registration Rights Agreement. Under the Investor Agreement, Tessenderlo Group has the right to nominate one independent director to FMC's Board of Directors and appointed Luc Tack as its initial nominee. The agreement includes customary standstill restrictions, a three-year lock-up period for the shares, preemptive rights for Tessenderlo Group, and voting agreements. FMC Corporation operates in the agricultural sciences industry, developing crop protection solutions including herbicides, insecticides, and fungicides.