Israel Chemicals Ltd., which extracts minerals from the Dead Sea to make fertilizers, rose to the highest level in more than two years after offering to buy a unit of Scotts Miracle-Gro Co. for $270 million.
The shares rose 4.1 percent to 58.50 shekels, the highest since September 2008, at the 4:30 p.m. close in Tel Aviv.
The Tel Aviv-based company plans to finance the proposed acquisition with its own resources, Israel Chemicals said in an e-mailed statement today. Scotts’ Global Professional unit has annual revenue of about $242 million.
“This is a small, yet interesting acquisition that will turn Israel Chemicals into a leader in a rapidly growing area,” said Limor Gruber, a Tel Aviv-based analyst at Psagot Investment House Ltd.
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