Canadian fertilizer giant Potash Corporation of Saskatchewan (TSX: POT, NYSE: POT) has again displayed its confidence in Israel Chemicals Ltd. (TASE: ICL) in particular, and the potash market in general, by buying a block of shares worth NIS 870 million.
The acquisition raises Potash's stake in Israel Chemicals by 1.5%, to 13.9%.
Potash bought 18.5 million shares at NIS 47 million, and now owns about 176 million shares of Israel Chemicals. The current purchase comes soon after Potash's purchase of 8 million Israel Chemicals shares at the end of January, and a purchase of 6 million shares around the same time. It had owned about 11.35% of Israel Chemicals before these recent purchases.
Shares in Israel Chemicals, led by CEO Akiva Mozes, are down 1.13% in morning trading.
Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2010
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