ICL Gains to 16-Month High on Potash Sale Bets: Tel Aviv Mover
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Israel Chemicals Ltd. advanced to the highest level in more than a year amid speculation Benjamin Netanyahu will form a new governing coalition and approve the company’s sale to Potash Corp. of Saskatchewan Inc.
The shares gained 4.2 percent to 50.52 shekels, the highest level since September 2011, at the close in Tel Aviv. That values the company that extracts minerals from the Dead Sea to make potash and fertilizers at 64 billion shekels ($17.2 billion). The benchmark TA-25 Index rose 1 percent while Israel Corp., which holds a 52.3 percent stake in Israel Chemicals, advanced 4 percent to 2,659 shekels.