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Short Take: Agribusiness sells $50 million in Micron stock

J.R. Simplot, an agribusiness, has sold roughly 9.5 percent of its holdings in Micron Technology for $50 million, a Simplot spokesman confirmed. Simplot, which sold 1.8 million of its 18.7 million shares, conducted the sale during the past week in an effort to raise capital for its fertilizer plant expansion. The company previously held an 8.85 percent stake in Micron.

Dawn Kawamoto Former Staff writer, CNET News
Dawn Kawamoto covered enterprise security and financial news relating to technology for CNET News.
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Dawn Kawamoto
, an agribusiness, has sold roughly 9.5 percent of its holdings in Micron Technology for $50 million, a Simplot spokesman confirmed. Simplot, which sold 1.8 million of its 18.7 million shares, conducted the sale during the past week in an effort to raise capital for its fertilizer plant expansion. The company previously held an 8.85 percent stake in Micron.