In what could prove to be a milestone in economic reform, Israel looks set to float a 25% stake in Israel Chemicals, the second-largest state-owned company, on the Tel Aviv stock exchange in January. This will be a major test of the government's seriousness about privatization as well as the Israeli stock market's ability to absorb large issues. ICL had $1.25 billion in sales last year and is valued at $1 billion to $1.4 billion. The government plans to sell 15% more to a foreign investor and an additional 32% to the public, but it will retain 28%.

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