Itafos, Houston, said Jan. 12 that it has closed on the previously announced acquisition of the Conda Phosphate Operations from Agrium Inc., a wholly-owned subsidiary of Nutrien Ltd. The assets include phosphate production facilities and adjacent phosphate mineral rights. The facility produces approximately 540,000 mt/y of MAP, super phosphoric acid, merchant grade phosphoric acid and specialty products and serves the North American fertilizer market.
Nutrien Ltd. reports that its wholly-owned subsidiary, Potash Corp. of Saskatchewan Inc., intends to sell 176,088,630 ordinary of Israel Chemicals Ltd. (ICL) – or 100 percent of Nutrien’s total stake – in a private secondary offering, subject to customary closing conditions. The offering is expected to close Jan. 23, 2018. Nutrien expects to receive approximately US$700 million of net proceeds from the sale of the shares. Selling the stake was a condition put forth by the Indians and Chinese for their approval of the PotashCorp-Agrium Inc. merger.
An Israeli financial industry source said that a group of five or six Israeli and two foreign institutional investors approached PotashCorp about buying its stake. The Israeli institutional investors are reportedly Ion Asset Management, Psagot, Phoenix, Clal Insurance, Harel and Menora Mivtachim.
