Canada’s PotashCorp not to hike stake in Israel Chemicals

Potash Corporation of Saskatchewan (PotashCorp), the world's largest fertiliser producer, withdrew from hiking its stake in Israel Chemicals Ltd, Israeli newspaper Ma'ariv today reported without saying where it got the information.

Saskatchewan-based PotashCorp, which was a takeover target in 2010 by BHP Billiton, dropped its plan of increasing its holding in Israel Chemicals from 13.9 per cent to as much as 25 per cent.

The Saskatchewan-based company has yet not officially issued a press release, but a spokesperson for PotashCorp said today in an interview that it decided to withdraw as the request was taking a long time in obtaining the Israel government and antitrust clearance.

PotashCorp had submitted its application in December to Israel's Ministry of Finance to raise its stake, but both the ministry and the Israeli regulator Noa Zvi refused to comment on the report.

PotashCorp is the world's largest fertiliser company by capacity, producing three primary plant nutrients and a leading supplier to three distinct market categories - agriculture, animal nutrition and industrial chemicals.

The company holds 22 per cent of the world's potash production capacity, 2 per cent of nitrogen production capacity and 6 per cent of phosphate supply.