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Capital Markets

One of the most remarkable transactions in recent history…

After nearly five years of crafting, joint bookrunners Credit Suisse, JPMorgan and UBS receive a Euromoney Deal of the Year 2011 for their Cargill Inc/The Mosaic Company trade.

One of the most interesting transactions in the market last year was set in motion a full four-and-a-half years ago. The death on August 1, 2006, of Margaret Cargill, the granddaughter of Cargill founder WW Cargill, set in motion a chain of events that would result, in 2011, in one of the more remarkable transactions in recent capital markets history.

Along with a personal fortune estimated by Forbes Magazine at about $1.8 billion, making her the 164th-richest American, Margaret Cargill had endowed the trustees of the Margaret A Cargill Philanthropies (MAC) Foundation with her 17% shareholding in the privately owned Cargill. Although the company has never publicly disclosed its valuation, market estimates of around $55 billion valued her stake at some $9.4 billion.

Jeff Bunzel, head of equity capital markets for the Americas with Credit Suisse in New York, says: 

"The MAC Foundation had a fiduciary responsibility to get some liquidity from the assets held in trust, and to begin to operate the charities as mandated. Cargill’s private ownership structure, however, effectively constrained the options available to the trust. Moreover, the significant value of Ms Cargill’s stake meant that very few assets jumped out as candidates for monetization.

"There was an extraordinary level of trust and understanding between the organizations that allowed them to overcome the complexities and differences that might derail other transactions." 

For full details and the story behind this deal, click here 

- Euromoney Skew Blog

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