Swiss investment bank UBS has sold another large block of Israel Chemicals Ltd. (TASE: ICL) shares. Sources inform "Globes" that the bank sold 7.5 million shares of Israel Chemicals for a total of NIS 372 million.
The shares were owned by a foreign investor who is not a controlling shareholder in Israel Chemicals.
Capital market sources estimate that Canadian company Potash Corporation of Saskatchewan (TSX: POT, NYSE: POT), bought about half the shares that were distributed today. It may also be that Potash bought the shares in Israel Chemicals that Israel Corp. (TASE: ILCO) sold on Monday. Before these sales, Potash owned 11.35% of Israel Chemicals.
The share price in the sale was NIS 49.50, near yesterday's closing price.
Today's sale comes only a few days after parent company Israel Corp. sold part of its holding in Israel Chemicals, the first time in a long time that the parent company sold shares in the chemicals firm.
Israel Corp. sold nearly NIS 400 million worth of shares, at a price similar to that in today's transaction. The market reacted negatively to that sale.
Israel Chemicals shares fell 0.04% to 49.55 this morning.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2010
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