Potash Corp in talks acquire Israel Chemicals

Potash Corp in talks to acquire Israel Chemicals

9:40 AM, 2nd November 2012
Potash Corp in talks to acquire Israel Chemicals

SASKATOON, CANADA/TEL AVIV, ISRAEL: Potash Corp, the world’s No 1 fertiliser producer, confirmed on 31 October 2012 that it has been in talks with Israeli officials on acquiring Israel Chemicals (ICL). To get a deal done it would need approvals from the Finance Ministry’s Government Companies Authority, the prime minister and the Antitrust Authority to increase its 13.84 per cent stake in ICL.

Potash Corp is seeking to buy ICL to shore up its leverage with China and India, top consuming countries that are expected to drive much of the industry’s growth. Acquiring ICL would give Potash Corp better shipping access to China, India and other Asian economies. Rising Asian incomes and populations are expected to trigger greater fertiliser use to produce more food.

© Reuters News

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