Few developments in fiscal 2011 were as significant as the steps we took to become a fully independent public company. Mosaic and its largest shareholder, Cargill, Incorporated, agreed to an orderly distribution of Cargill's 64 percent ownership stake in Mosaic. This transaction was a pivotal event for Mosaic, and the result of over three years of effort. The remaining restricted shares are expected to come to market over the next four and a half years in a program carefully designed to minimize market impact.
The transaction provides several benefits for Mosaic and our shareholders. Notably, this transaction increases flexibility to put our exceptional balance sheet to work, invest for growth and be more opportunistic as we position the company for long-term success. The transaction also increases the public float of Mosaic's common stock, improving liquidity and providing the opportunity for a wider range of investors to participate in Mosaic's future. Just as important, this transaction accomplishes these goals without any dilution to earnings per share, or any material impact on our balance sheet and operations.
