UPDATE 2-Potash Corp wants to buy Israel Chemicals despite obstacles

Tue Feb 26, 2013 12:42pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Potash Corp wants to buy at least a majority stake

* Canadian company not looking to cut production, jobs - CFO

* Potash Corp to put focus on volume, not price

* Potash Corp shares rise slightly

By Rod Nickel

Feb 26 (Reuters) - Canadian fertilizer producer Potash Corp of Saskatchewan says it is determined to buy most, if not all, of ICL Israel Chemicals Ltd and that stiff local opposition to such a takeover is based on unfounded fears.

Potash, the world's largest producer by capacity of its namesake crop nutrient, is aiming to boost its 14 percent stake in ICL Israel Chemicals, the world's sixth-largest potash producer, to at least 51 percent and preferably 100 percent.

"The opposition you're seeing now is fear of the unknown," Potash Corp Chief Financial Officer Wayne Brownlee said on Tuesday in remarks at BMO Capital Markets Global Metals and Mining conference in Hollywood, Florida, that were distributed via webcast.

The largest shareholder in ICL is the conglomerate Israel Corp Ltd, which owns more than 52 percent, according to Thomson Reuters data. The Israeli government holds a golden share in ICL Israel Chemicals, giving it the authority to decide on any takeover move on the company.   Continued...