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Israel Chemicals sells stake in Chilean fertilizer co to Potash Corp. for $100m.
(From Israel Business Arena)
Byline: Yaron Friedman
Israel Chemicals (TASE:CLIM) today announced that it sold its entire interest in a Cayman Islands subsidiary to Potash Corporation of Saskatchewan Inc. (NYSE; TSX:POT) for $100.4 million. Potash Corp. owns 8.8% of Israel Chemicals.
The Israel Chemicals subsidiary owns 8.3% of Sociedad Quimica y Minera de Chile SA (NYSE:SQM), which has two main areas of business. The larger business is fertilizers; SQM is one of the world's largest producers of sodium nitrite (NaNo2). SQM also manufactures industrial chemicals, especially iodine and lithium-based compounds.
SQM sales rose 14% in …
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