"Reuters" reports that Israeli officials plan to meet executives of Canada's Potash Corporation of Saskatchewan Inc. (NYSE; TSX: POT) next week before deciding on whether to allow its proposed $13.5 billion takeover of Israel Chemicals Ltd. (TASE: ICL) to move forward.
Ministry of Finance director general Doron Cohen said today that Government Companies Authority officials would meet Potash Corporation executives after the government requested Potash Corporation to provide more details of its bid. He told "Reuters", "The next step is for Potash to provide an explanation and we will decide whether we will continue with the process or not."
Cohen added the Ministry of Finance had asked Potash Corporation for a broader explanation of its plans and how it would secure Israel's interests, since Israel Chemicals produces potash from harvesting the Dead Sea.
Last year, Potash Corporation sought to raise its 13.84% stake in Israel Chemicals to 25% but pulled its request when regulators took too long to respond. Cohen said Potash Corporation now seeks 100% percent of Israel Chemicals.
Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012