Israel Chemicals Gains as Potash Corp. Seeks to Raise Stake
Israel Chemicals Ltd. (ICL) rose for the third time in four days after the Finance Ministry said that Potash (POT) Corp. of Saskatchewan Inc. is seeking to raise its stake in the company that extracts minerals from the Dead Sea.
Israel Chemicals gained 2.4 percent, the most since Dec. 15, to 36.70 shekels at the 4:30 p.m. close in Tel Aviv. The shares have declined 40 percent this year, while Israel’s benchmark stock index, the TA-25, is down 17 percent.
Israel Corp., which according to data compiled by Bloomberg owns a 52 percent stake in Israel Chemicals, climbed 2.8 percent.
Potash requested permission from Israel’s Finance Ministry to increase its stake to 25 percent from 13.9 percent, the ministry said.
To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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