April 25, 2013 / 11:50 AM / in 5 years

Potash abandons takeover bid for Israel Chemicals

April 25 (Reuters) - Potash Corporation of Saskatchewan , the world’s largest producer of its namesake crop nutrient by capacity, said it is abandoning efforts to take over Israel Chemicals Ltd, after running into opposition in that country.

Potash currently holds a 14 percent stake in ICL, the world’s sixth-largest potash producer.

“While we continue to believe that such a transaction would be of tremendous benefit to stakeholders of both companies and the State of Israel, there must be receptivity to foreign investment and certainty in the rules that govern such investment,” the company said on Thursday in its first-quarter earnings statement. “We have therefore concluded that now is not the time to pursue this opportunity and will focus our energies on other options to maximize shareholder value.”

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