Potash Corp. CFO: Israeli opposition to our approach to buy control of Israel Chemicals is based on unfounded fears.
Potash Corp. of Saskatchewan Inc. (TO: POT), the world’s largest fertilizer producer, has suspended talks to buy Israel Chemicals Ltd. (TASE: ICL) due to "political events."
Speaking in Florida, Potash Corp. CFO Wayne Brownlee said, “This thing has been put on hold to get through this time of political events that have happened in Israel. We’ll see where we will get to over time.”
He added that the bid by Canadian company "won’t go hostile."
Potash Corp., which holds a 14% stake in Israel Chemicals, wants to buy control of the Israeli company. Brownlee sees Israeli opposition to its approach as based on unfounded fears. He said, "The opposition you are seeing now is fear of the unknown."
Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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Adrian Filut and Globes' correspondent