Market Chatter: Potash Says It's Still Trying Make Israel Chemicals Deal Work

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"Potash Corp. of Saskatchewan Inc., (POT.TO) the world's largest fertilizer producer, said a proposed bid for Israel Chemicals Ltd. isn't suspended and it's still trying to make the deal work," Bloomberg reported.

It said: "The process there is not on hold, it's not frozen, it's not suspended," Potash Corp. Chief Financial Officer Wayne Brownlee said yesterday at an investor conference organized by Bank of America Merrill Lynch."

"Brownlee said he wanted to clarify some "loose words" in a presentation he made the day before when he said "political events" had put the deal "on hold." He said Feb. 26 that Saskatoon, Saskatchewan-based Potash Corp. was waiting for the outcome of Israeli talks to form a coalition government after elections last month. The state holds a so-called golden share in Israel Chemicals, allowing it to block a takeover."

"Israel Chemicals is the second-largest company by market value on the Tel Aviv Stock Exchange's benchmark TA-25 Index. It had a market capitalization of 61.1 billion shekels (US$16.4 billion) at today's close."

POT shares were trading 30 cents higher on the TSX at $41.00.



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This article appears in: Investing , Commodities

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