CORRECTED-UPDATE 2-Fertilizer producer Israel Chemicals files for US listing
(Corrects second paragraph to show that ICL's parent company set the fundraising target)
Sept 12 (Reuters) - Israel Chemicals Ltd (ICL), a Tel Aviv-based maker of fertilizer and specialty chemicals, filed with U.S. regulators to list on the New York Stock Exchange.
ICL's parent company, conglomerate Israel Corp, set a nominal fundraising target of about $522.4 million through an initial public offering of 62 million ordinary shares, ICL said in a filing to the U.S. Securities and Exchange Commission. (1.usa.gov/1pd8EV6)
ICL, which has exclusive permits to extract potash and bromine from the Dead Sea, is a subsidiary of Israel Corp and the second largest company on the Tel Aviv Stock Exchange by market value.
The shares are being sold by Israel Corp and Israel Chemicals will receive no proceeds from the IPO, ICL said in a statement. (bit.ly/YFNqtD)
ICL was established in 1968 as a government-owned company and was listed on the Tel Aviv exchange in 1992 after the government decided to privatize it.
In 1995, Israel sold its controlling interest to Israel Corp, which now has a 52.4 percent stake in ICL, making it its largest shareholder.
However, the Israeli government still holds a special state share in ICL, which gives it the authority to decide on any sale or transfer of assets of the company.
The government for months has been looking to update its royalty and tax policy on non-oil and gas natural resources and, in May, a government panel recommended levying a new tax on mining companies. Continued...