web analytics
April 18, 2014 / 18 Nisan, 5774
At a Glance

Posts Tagged ‘Potash’

Potash Corp. Gives Up on Bid to Buy Out Israel Chemicals

Thursday, April 25th, 2013

Canadian fertilizer giant Potash Corp. has given up on its $15 billion offer to buy Israel Chemicals following strong opposition in Israel, where fears also were raised that Potash would move some local production to Jordan.

Potash, which already has a 14 percent stake in Israeli Chemicals, stated that although it maintains that the proposed purchase would be to Israel’s benefit, “There must be receptivity to foreign investment and certainty in the rules that govern such investment. Now is not the time to pursue this opportunity.”

Finance Minister Yair Lapid strongly opposed the takeover move of Israel Chemicals, which employees approximately 5,000 people at its Negev facilities, including the Dead Sea Works.

Potash also owns 28 percent of Arab Potash, and a takeover of Israel Chemicals might have been followed by moving some production to Jordan at the cost of Israeli jobs.

One Israel source, quoted by the Globes business website, said, “The atmosphere in Israel rejects foreign investors. There is hostility towards tycoons, especially those profiting from natural resources.”

Potash Corp. Determined to Gobble Up Israel’s Giant Chemical Firm

Thursday, February 28th, 2013

The Canadian Potash fertilizer company is determined to buy Israel’s huge Israel Chemicals Ltd. (despite opposition among lawmakers and employees of the Israeli company.

Over 20 Israeli lawmakers met in Jerusalem Wednesday to discuss the issue, with some voicing strong opposition to the deal, according to Bloomberg.

“The sale of ICL to a foreign company would be abandoning residents of the Negev region and a slap in the face of every citizen of Israel,” Future (Yesh Atid) party lawmaker Meir Cohen was quoted as saying.

Potash Corp is the largest producer of the potash crop nutrient and already owns a 14 percent stake in ICL, which mines chemicals from the Dead Sea and is the world’s sixth-largest producer of potash.

Potash Corp Chief Financial Officer Wayne Brownlee has played down the protests in Israel, saying that “the opposition you’re seeing now is fear of the unknown.” He promised that Potash Corp would not cut production or layoff ICL employees.

Similar promises by other companies carrying out buy-outs frequently have been broken, and Israel Chemicals employees plan to stage protests in coming weeks to try and block the deal.

Printed from: http://www.jewishpress.com/news/breaking-news/potash-corp-determined-to-gobble-up-israels-giant-chemical-firm/2013/02/28/

Scan this QR code to visit this page online: