The economic daily Calcalist reports that the New York-based Trump family are looking for a buyer for Haifa Chemicals. The report said that the asking price is $1.3 billion. According to the paper the Trump Group (privately owned by Jules and Eddie Trump) met with investment bankers in New York about the proposed sale.
Calcalist said that so far the contacts have not led to any deal and speculated that it may be a result of the high asking price. Haifa Chemicals CEO and President Nadav Shahar denied that Haifa Chemicals was up for sale. Another Israeli economic newspaper Globes reported that a Chinese Israeli private equity firm is still in talks to acquire a 49 percent stake in Haifa Chemicals at a valuation of $1 billion. The firm, Catalyst-CEL is reported to be leading a group of investors with the most prominent being China’s Everbright International. The Catalyst Group is headed by Edward Cukierman.
The Trump Group acquired Haifa Chemicals, a leading producer of potassium nitrate, from Arie Genger in what was a hostile takeover. In 2001 they bought a 47 percent stake in Trans-Resources Inc. (TRI) and in 2008 following a dispute with Genger were able to obtain majority control. Last week Israel Chemicals Ltd. said it was studying a plan to build a potassium nitrate plant.