Canada's PotashCorp drops plan for larger stake in Israel Chemical

11 June 2012 20:36  [Source: ICIS news]

HOUSTON (ICIS)--Canada's Potash Corporation of Saskatchewan (PotashCorp), the world's largest fertiliser producer, said on Monday it has droped its plans to acquire a greater financial stake in Israel Chemicals.

"PotashCorp filed paperwork with Israel's Ministry of Finance more than a year ago seeking pre-clearance for an option to add to its investment in Israel Chemical that currently amounts to 13.85% of that company's shares," said PotashCorp spokesman Tom Pasztor.

"The pre-clearance process became lengthy and unclear and PotashCorp decided to withdraw the request and review its investment options," Pasztor said.

Among its business activities, Israel Chemicals produces potash and phosphate fertilizers from materials mined from the Dead Sea and the Negev desert, as well as from mines in Spain and England.

By: Frank Zaworski
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