Israel Chemicals Rises to 2-Year High After Buy Offer
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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