Hurdles remain in PotashCorp bid for Israeli firm
Saskatoon-based potash producer PotashCorp says works still remains on a proposed takeover bid for Israel Chemicals Ltd.
Published Thursday, November 29, 2012 6:47AM CST
A proposed takeover bid by Saskatoon-based Potash Corp of Saskatchewan for Israel Chemicals Ltd. is far from a done deal.
Wayne Brownlee, PotashCorp's chief financial officer, told an investment conference in New York on Wednesday that there are "lots of hurdles" left to overcome if the takeover is to go through, although he would not hint on what those hurdles might be.
Brownlee said the transaction involving ICL is compelling, if it can be completed.
PotashCorp is the world's largest fertilizer company by capacity, while the Israeli company controls about 11 per cent of the world’s potash industry.
Shares of PotashCorp closed Wednesday up five cents on the TSX, settling at $38.23.