www.bethelfinance.com
Bethel Finance news:
Canadian fertiliser maker Potash Corp is negotiating to buy additional shares in Israel Chemicals to raise its stake in the fertiliser and specialty chemical maker to 25 percent, the Calcalist financial daily reported.
Potash, the world's largest fertiliser manufacturer, applied to Israel's Finance Ministry for permission to increase its holdings in ICL to 25 percent, Calcalist said on Monday.
Potash holds 13.9 percent of ICL's shares valued on the market at 6.5 billion shekels ($1.7 billion). An 11.1 percent stake has a market value 5.23 billion shekels.
Shares in ICL were up 4.2 percent to 37.37 shekels in morning trade in Tel Aviv.
Officials at the Finance Ministry were not immediately available for comment.
A spokeswoman for ICL said the company does not comment on matters relating to its shareholders.
Potash last acquired ICL stock in 2010 when it bought about 2.5 percent.
As ICL is a strategic industry and holds natural resources, the government was given a golden share in the company when it was privatised.
ICL is controlled by the Ofer family through holding company Israel Corp, which owns 52.3 percent. Potash is the company's second largest shareholder.
According to Calcalist, Potash is seeking to purchase public shares, mainly those held by institutional investors in Israel and abroad. The investors were contacted by a foreign bank which did not disclose the purpose of the possible acquisition.
Estimates on the market are that although Potash is seeking to acquire the stock now as a financial investment, it could aim to gain control of ICL in the future, Calcalist said.
If it seeks to acquire control of ICL, it will need further approval from the Israeli authorities.
No comments:
Post a Comment