19 December 2011 16:58 [Source: ICIS news]
HOUSTON (ICIS)--Canadian fertilizer maker PotashCorp is seeking approval from the Israeli government to potentially raise its level of investment in Israel Chemicals Limited (ICL), the company said on Monday.
"PotashCorp currently owns just under 14% of ICL and there is a threshold where we must seek approval if we want to move to the next level of holding, which is between 14 and 24.99%," said PotashCorp spokesman Tom Pasztor.
"We have made that application seeking approval to have the option to increase our stake," Pasztor said.
If the application to the Israel Finance Minister is granted, it will give PotashCorp one more option in its use of free cash flow when making investment decisions, Pasztor added.
ICL is a producer of potash and phosphate fertilizers and specialty chemicals for a variety of industries.
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