Israel agrees to meet with PotashCorp over acquisition
Israeli officials have agreed to meet with executives from PotashCorp, the world’s largest fertilizer producer, to discuss whether the Middle Eastern country will allow PotashCorp to acquire Israel Chemicals (ICL). PotashCorp proposed a $13.5 billion takeover bid for the Israeli-owned fertilizer manufacturer. ICL is the world’s sixth largest fertilizer producer.
PotashCorp has pushed to acquire ICL in order to firm up its leverage with China and India, which are expected to lead the lion’s share worth of growth in the global fertilizer industry.
ICL is primarily owned by Israel’s government and will require the Finance Ministry’s Government Companies Authority, the prime minister and the Antitrust Authority, among others.
Israel has already requested PotashCorp for more information regarding its plans for acquiring the company and how it would secure Israel’s interests. ICL produces potash from harvesting the Dead Sea.
Bill Doyle, PotashCorp’s chief executive met last week with Israeli Prime Minister Benjamin Netanyahu to strengthen the deal.