Israeli Finance Minister, Yair Lapid, opposesale ICL

Israeli Finance Minister, Yair Lapid, oppose the sale of ICL

5:33 AM, 15th April 2013
Israeli Finance Minister, Yair Lapid, oppose the sale of ICL
Israeli Finance Minister Yair Lapid said he will set up a panel to rethink the state’s rights in natural resources that are managed by private companies.

TEL AVIV, ISRAEL: Israeli Finance Minister Yair Lapid said he’d “adamantly oppose” the sale of fertilizer producer Israel Chemicals Ltd (ICL) to Canada’s Potash Corp of Saskatchewan Inc, threatening to block what would be the Middle East’s biggest takeover. Lapid also put Israel Chemicals and other resource developers on notice that he would reconsider how they’re taxed.

The acquisition of Israel’s second-largest publicly traded company would create the world’s biggest producer of potash, a nutrient that helps crops withstand drought and strengthens plant root systems. According to Potash Corp, it is seeking to gain majority control of Israel Chemicals, in which it held a 14 per cent stake.

“Israel’s natural resources are a public asset and the Israeli public should be the first to benefit from them,” said Lapid in an e-mailed statement to Bloomberg News.

© Bloomberg News

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