Fidelity International Ltd. is no longer a party at interest in the company.
Fidelity International Ltd. has sold part of its stake in Israel Chemicals Ltd. (TASE: ICL) less than a month after buying them, and consequently is no longer a party at interest in the company.
On May 12, Israel Chemicals notified the TASE that Fidelity had become the company's third largest shareholder after the 52.18% stake held by Israel Corp. (TASE: ILCO) and the 10.5% stake held by Potash Corporation of Saskatchewan Inc. (NYSE; TSX: POT). Fidelity bought nearly 67 million Israel Chemicals shares at between NIS 59 and NIS 65.30 per share, about 7% less than the company's peak price of NIS 69.50 reached in late April.
Yesterday, Fidelity notified Israel Chemicals that it had sold about 3.5 million shares in a series of transactions at between NIS 72.08 and NIS 75.02 per share. The sales have reduced Fidelity's stake in Israel Chemicals to 53.7 million shares amount to 4.95% of the company. The sales were made for up to NIS 10 more than the purchase prices, and Fidelity has reaped capital gains to the tune of tens of millions of shekels.
Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008