Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Israel Chemicals Rises to 2-Year High After Buy Offer

Dec. 7 (Bloomberg) -- 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.

To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.