Officials from Israel's Government Companies Authority plan to meet with Potash Corp (POT) execs next week to discuss the Canadian company's bid to acquire Israel Chemicals (ISCHY.PK). Officials want more details about Potash's plans and how it would secure the country's interests before deciding on whether to approve the bid.
Israel's government would consider Potash Corp's (POT) attempt to acquire Israel Chemicals (ISCHY.PK) once the Canadian company makes a formal request, the finance ministry said late yesterday. The comments came just a couple of days after the ministry said it's not considering the deal due to "professional reservation."
More on Potash Corp (POT) / Israel Chemicals (ICL) talks: Potash has wanted to increase its stake in Israel Chemicals, which has a market cap of $15B, for a while but has met government and regulatory opposition. Any deal would include ICL's shareholders receiving stock in Potash, the Calcalist newspaper reports.
Potash Corp (POT) has been in talks with the Israeli government, including holding a meeting with PM Benjamin Netanyahu, about acquiring Israel Chemicals (ISCHY.PK). Potash Corp already holds a 13.84% stake in Israel Chemicals, while Israel Corp. holds 52.3%. (previous)