Potash confirms increased stake in Israel Chemicals

The Canadian company now owns 12.35% of Israel Chemicals.

Canadian fertilizer producer Potash Corporation of Saskatchewan (TSX: POT, NYSE: POT) has confirmed today that as "Globes" reported yesterday, it bought a portion of the large block of Israel Chemicals Ltd. (TASE: ICL) shares that were distributed by UBS in recent days.

Potash held 11.35% of Israel Chemicals, led by CEO Akiva Mozes, before its recent purchases. As a party at interest in the firm, Potash had to notify the Tel Aviv Stock Exchange (TASE) of its increased stake.

Potash now owns 12.35% of the company.

Potash bought 14 million shares of Israel Chemicals, including 8 million sold by Israel Chemicals parent company Israel Corp. (TASE: ILCO).

The Canadian company said that it bought a block of shares at NIS 49.90 per share, and a second block at NIS 49.57 per share.

UBS earned a profit of at least about NIS 4.6 million just in the past two days as it bought and then resold the shares.

Published by Globes [online], Israel business news - www.globes-online.com - on January 28, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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