Bethel Finance: Potash in talks to raise Israel Chemicals stake

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Bethel Finance news:
"Globes" has learned that Potash Corp. of Saskatchewan (POT) is in talks with the Ministry of Finance to obtain approval to raise its stake in Israel Chemicals Ltd. (TASE: ICL). Potash, which currently holds 13.9% of Israel Chemicals, needs Ministry of Finance approval because it seeks to raise its holding to 25%.

This represents a further expression of confidence in Israel Chemicals, and in the potash market in general, by the Canadian fertilizers giant. In February 2010, Potash bought Israel Chemicals shares to the tune of NIS 870 million, thus increasing its stake by 1.5%. At that time, Potash bought 18.5 million shares at NIS 47 per share. It now holds 176 million shares.

Potash produces and sells fertilizers, potash, and associated agricultural and industrial products. It is mainly active in the US and Canada.

Israel Chemicals shares are currently up 2.87% on the Tel Aviv Stock Exchange, at NIS 36.88.