FMC’s board approved a recapitalization plan.

Chicago-based FMC Corp. said that, under the plan, public stockholders will receive $70 in cash and one new common share of the recapitalized company. FMC will raise $1.3 billion in bank debt and $400 million in subordinated debt to finance the plan. Management expects stockholder approval at the annual meeting, now scheduled for May 29. According to Robert H. Malott, chairman and chief executive, “increasing our financial leverage under the proposed plan creates an opportunity for stockholders to earn higher returns and for employees to gain a greater ownership interest in the company.”