Canada’s Potash Corp of Saskatchewan, the world’s largest fertilizer producer, is sizing up its chances of gaining control of four companies in which it holds minority stakes, including Israel Chemicals, Chief Executive Officer Jochen Tilk said yesterday.
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Saskatoon, Saskatchewan-based Potash Corp is reviewing its $4.5 billion worth of investments in China’s Sinofert Holdings Ltd, Israel Chemicals, Jordan’s Arab Potash Co PLC and Chile’s SQM.
“The strategic objective is to obtain some control or participation in the companies,” Tilk, who started as CEO five months ago, said at a Citi investor conference in New York. “We see them as opportunities, but we’re also mindful that we can’t be [in] minority investments forever unless we have a plan going forward.”
Potash Corp would not act without consulting the companies involved, Tilk said.
It tried to buy control of Israel Chemicals under previous CEO Bill Doyle, but was rebuffed in 2013 by the Israeli government, which holds a golden share.