$FMC: a strategic agreed to pay 13.30 for a fifth of the company, and the stock is 11.02

FMC (overview): Author flags for monitoring only ('interesting to dig in on, not a call'): FMC put itself under strategic review in February and on June 30 announced no sale and no breakup, instead issuing 30,319,166 new shares to Tessenderlo Group (Luc Tack's Euronext-listed agro/industrials group) at USD 13.30 (~21% above Friday's close) for USD 403,244,907.80, taking Tessenderlo from under 1% to ~20% and completing a ~USD 1 billion debt-paydown target alongside the India sale, a Corteva licence prepayment, a Newark sale-leaseback and a USD 1.2 billion secured bond; the investor agreement gives one independent board seat plus observer while holding 10%, a 36-month lockup, top-up rights to 20%, a standstill lasting as long as it holds any share, and a covenant to vote with the board at every meeting except a change of control — which author reads as a fixed incumbent-side block that makes a takeover harder, not more likely; the deal has not closed and is conditioned on regulatory approvals (no 8-K since July 29).

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