Market Chatter: Potash Corp In Merger Talks With Israel Chemicals
Potash Corp (POT.TO), the world's largest fertilizer maker, is in talks with Israel's government about merging with its smaller rival Israel Chemicals (ICL), ICL's parent company said, Reuters reported.
It said Canada-based Potash already controls 13.84% of ICL, the world's sixth-largest fertilizer maker, and has long sought to raise its stake but has faced government and regulatory opposition. Conglomerate Israel Corp owns 52.3% of ICL.
Some 34% of ICL, which has a market value of about $15 billion, is traded on the Tel Aviv Stock Exchange.
The Calcalist financial daily reported that Potash chief executive Bill Doyle has met Israeli Prime Minister Benjamin Netanyahu to push for a merger of ICL into Potash. The newspaper said Netanyahu instructed his staff and the Finance Ministry to examine all aspects of the deal.
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