(Adds details on buyback, dividend)
May 14 (Reuters) - U.S. fertilizer producer Mosaic Co said on Thursday it would buy back $1.5 billion in shares, likely during the next two to three years, and raised its dividend.
The new buyback includes an accelerated share repurchase agreement worth $500 million, to be completed by the end of September 2015, the company said. It said it would cancel the remaining amount under the current repurchase authorization from its board.
Mosaic, which announced on Wednesday that Chief Executive Jim Prokopanko would be succeeded by Chief Operating Officer Joc O'Rourke in August, raised its quarterly dividend to 27-1/2 cents per share from 25 cents. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)