FREEPORT-McMoRan RESOURCE PARTNERS AND IMC GLOBAL INC. ANNOUNCE RESOLUTION OF INTERPRETIVE ISSUE IN CONNECTION WITH IMC'S MERGER WITH THE VIGORO CORPORATION.NEW ORLEANS--(BUSINESS WIRE)--Jan. 25, 1996--Freeport-McMoRan Resource Partners, Limited Partnership (NYSE NYSE See: New York Stock Exchange :FRP FRP Fremskrittspartiet (Norwegian: Progress Party; political party) FRP Fiberglass-Reinforced Plastic FRP Fiber Reinforced Polymer FRP Fibre Reinforced Polymer FRP Fleet Response Plan (US Navy) ), the 51.5% owned affiliate of Freeport-McMoRan Inc. (NYSE:FTX (Fault Tolerant UNIX) Stratus Computer's version of Unix System V for its XA/R fault tolerant computer systems. See also FTTx. (operating system) FTX - Stratus' Unix operating system. ), and IMC (Internet Mail Consortium, Santa Cruz, CA, www.imc.org) An industry trade association founded in 1996 by Paul Hoffman and Dave Crocker that promotes Internet e-mail standards and features. Global Inc. (NYSE:IGL IGL - Interactive Graphic Language. Used primarily by Physics Dept at Brooklyn Poly, uses numerical methods on vectors to approximate continuous function problems that don't have closed form solutions. ), joint venture partners in IMC-Agrico Company, today announced resolution of a previously reported interpretive issue under the IMC-Agrico joint venture agreement in connection with the proposed merger of IMC and The Vigoro Vigoro is a sport like both cricket and baseball and has been mainly played by women. It is most popular in Australia. History The game was invented by Englishman John George Grant. Corporation (NYSE:VGR). FRP and IMC-Agrico have agreed to waive any right, which may exist, of IMC-Agrico to be offered the opportunity to acquire any part of Vigoro's business as a result of the merger. In addition, IMC and FRP have entered into certain amendments to the IMC-Agrico Partnership Agreement in part to reflect changes in the nature of the business of IMC resulting from the merger. These amendments, which will become effective only if the merger is consummated, provide for (i) a shift of 0.85% of distributable cash interest of IMC-Agrico from IMC to FRP following the merger; (ii) changes to certain IMC-Agrico governance procedures; (iii) the modification of certain product pricing and sourcing provisions with respect to transactions between IMC-Agrico and affiliates of IMC and (iv) the establishment of criteria under which certain acquisitions by IMC's Rainbow Division or Vigoro's FARMARKETs Division would not be required to be offered to IMC-Agrico. Separately, IMC announced, effective immediately, the establishment of a structure which defines IMC-Agrico as a stand-alone entity operated by IMC. IMC-Agrico will have its own president, who will have the responsibility to direct and manage the business affairs of IMC-Agrico. The President shall be appointed by IMC, subject to the approval of the IMC-Agrico Policy Committee. This newly created position will report to James D. Speir, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of IMC. Wendell F. Bueche, Chairman and Chief Executive Officer of IMC said, "We believe the new structure which establishes IMC-Agrico as a stand-alone entity will allow us to get closer to our customers while better positioning ourselves for the worldwide opportunities of the future." CONTACT: Freeport-McMoRan Resource Partners, New Orleans Chris D. Sammons, 504/582-4474 Craig E. Saporito, 504/582-4476 |
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