Israel Chemicals Ltd. (TASE: ICL) shares are continuing to make headlines, even though the latest wave of hysteria surrounding commodity prices, potash included, now appears to have died down. Investment services group FMR LLC and Fidelity International Ltd., have become parties at interest in Israel Chemicals through two of its units
The group purchased 66.97 million shares at an undisclosed price, giving it a 5.2% holding in Israel Chemicals. The date of the transaction was not disclosed either, but the letter from Fidelity announcing the purchase was sent on May 8, the start of the long Independence Day weekend.
Israel Chemical's share started the holiday at NIS 64.80, 6.8% down on the high of NIS 69.50 it reached on April 23.
A few weeks ago, Capital Research, Israel Chemicals' third largest investor, announced that it had sold NIS 98 million worth of shares within a week, and had thereby ceased to be a party at interest in the company. As a result, Fidelity's acquisition has made it the third largest investor in Israel Chemicals instead of Capital Research, joining Canadian potash producer Potash Corporation of Saskatchewan Inc. (NYSE; TSX: POT), which holds 10.5%, and Israel Chemical's controlling shareholder Israel Corp. (TASE: ILCO) with 52%.
Published by Globes [online], Israel business news - www.globes-online.com - on May 12, 2008
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