Saskatchewan based Potash Corporation is serious in its bid to wrest majority control over Israel Chemicals Limited. Potash CFO sees the opposition to their bid as unfounded fears fomented by its rivals.
If allowed, Potash would increase its shareholdings from the current fourteen percent to at least 51 percent and may go up to full ownership of ICL. ICL is the sixth largest potash producer in the world.
Potash is a common mine or manufactured product that contains potassium. Most of the produced form is used for fertilizers. It is also used for aluminum recycling, metal electroplating, oil well drilling fluid, snow and ice melting and many other industrial uses.
Wayne Brownlee, Potash Corp CFO said that talks with ICL stakeholders are still ongoing. Delays though have been noted in the negotiations, as Israel girds for parliamentary elections. He added that with the purchase, there will be no job cuts or production slowdowns as Potash Corp focus on the volume rather than the price of the product itself.
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