ICL is a multi-national manufacturing concern that develops, produces and markets fertilizers, metals and other special-purpose chemical products. It is the world’s sixth-largest potash producer, as well as the leading provider of pure phosphoric acid. Its mining and manufacturing operations are located on the shores of the Dead Sea in Israel, as well as in Europe, the Americas and China.
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Israel Corp. expects to raise in the neighborhood of $522.4 million for 62 million shares of ICL it is listing, according to a prospectus filed with the U.S. Securities and Exchange Committee over the weekend.
Israel Corp.’s stake in ICL will be down to 46.68%.
The WSJ suggested ICL’s profit has come under pressure because of weaker prices for potash, the potassium-derived component in agricultural fertilizer.
The sale also comes in the wake of the Israeli government’s proposals to increase royalties to be paid on natural resources.
So this is a pre-fire sale… How patriotic…
In 2012, the Canadian Potash Corporation of Saskatchewan was looking increase its 13.86% holding in ICL, but nothing came of it.
ICL was privatized in 1995, but the Israeli government maintains a “golden share” in it, and must approve sales of significant stakes in the company to foreign buyers. Which is why Israel Corp. is limiting the offering to 5%. Too small to require a government yes.