Saskatoon — Potash Corp. of Saskatchewan Inc. may reconsider the retaining of its stake in Israel Chemicals Ltd. (ICL) if it is not allowed to increase it. PotashCorp holds a 14 percent stake in ICL. PotashCorp CEO Jochen Tilk made the statement at an investment conference sponsored by Bank of Montreal that was held in New York. In response to the comments, ICL CEO Stefan Borgas said that if PotashCorp is interested in increasing its stake in the company, the matter would have to be brought up directly with the Israeli government since the government holds a “golden share” in ICL that gives it a say in company matters. Borgas also said that numerous investors had contacted ICL about acquiring PotashCorp’s stake. In April 2013, Israel’s then Finance Minister Yair Lapid dashed attempts by PotashCorp to take over ICL. The finance minister informed his senior staff at the ministry that he was strongly opposed to the proposed takeover, and said that Israel’s natural resources are public assets and should benefit the Israeli public. At the time, Prime Minister Benjamin Netanyahu was believed to have supported the proposed deal but then backed down after strong opposition from Lapid and the unions. It is unclear what the position of the new Finance Minister Moshe Kahlon will be if PotashCorp takes up the matter again with the Israeli government. PotashCorp was reportedly prepared to pay as much as $20 billion for full control of ICL in 2013. Since then, however, the company’s value has declined. Borgas said at the time of the proposed takeover that such a deal would only strengthen ICL.
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