Michal Abadi-Boiangiu's signature is required for approval of a deal.
Accountant General Michal Abadi-Boiangiu opposes the sale of Israel Chemicals Ltd. (TASE: ICL) to Potash Corporation of Saskatchewan Inc. (NYSE; TSX: POT), and she may torpedo a deal. Abadi-Boiangiu is in the minority among Ministry of Finance officials, but, by law, her signature is required for approval of a deal.
Abadi-Boiangiu's objections relate to the amount of royalties paid to the state, because Potash Corporation has not yet clarified the rate of extraction and the price of potash, from which the royalties are derived. Yesterday, "Globes" reported that the Ministry of Finance is leaning in favor of the sale of Israel Chemicals to Potash Corporation, but no deal is expected to be closed before Israel's elections. Despite Abadi-Boiangiu's concerns, most top Ministry of Finance officials believe that the government will make sure to guarantee all its rights.
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2012
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