Potash Corp reviews stakes in fertilizer firms with eye on control
By Rod Nickel
Dec 3 (Reuters) - Canada's Potash Corp of Saskatchewan , the world's largest fertilizer producer, is sizing up its chances of gaining control of the four other fertilizer companies in which it holds minority stakes, Chief Executive Officer Jochen Tilk said on Wednesday.
Saskatoon, Saskatchewan-based Potash Corp is reviewing its $4.5 billion worth of minority stakes in China's Sinofert Holdings Ltd, Israel Chemicals, Jordan's Arab Potash Co PLC and Chile's SQM.
"The strategic objective is to obtain some control or participation in the companies," Tilk, who took over as CEO five months ago, said at a Citi investor conference in New York. "We see them as opportunities, but we're also mindful that we can't be (in) minority investments forever unless we have a plan going forward."
The company has long said it wants majority stakes, but is now conducting a formal review of the investments. Tilk said he is content with the influence Potash holds at Arab Potash and Sinofert.
No decisions have been made, and Potash Corp would not take any action without consulting the companies involved, Tilk said.
It tried to buy control of Israel Chemicals under previous CEO Bill Doyle, but was rebuffed in 2013 by the Israeli government, which holds a golden share in the company. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)
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