Israeli fertilizer maker ICL won't bid for stake in Chilean chemical firm

September 5, 2016 16:52

TEL AVIV - Fertilizer maker Israel Chemicals (ICL) will not be bidding for an indirect stake that is for sale in Chilean potash and lithium producer SQM, a spokesman for the Israeli company said.

ICL Chief Executive Officer Stefan Borgas said in May that ICL was interested in investing in SQM, which is 30 percent held by Potash Corp of Saskatchewan, but noted SQM was too big for ICL to buy outright.

A share-based merger of ICL and SQM, or ICL buying a stake in SQM, could be attractive, but would need to involve Potash Corp, which is also a shareholder in ICL, Borgas said in May.

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