Israel ChemicalPrivatized
A 24.9% interest in Israel Chemicals Ltd has been sold by the government to Israel Corporation, which is headed by billionaire businessman Shaul Eisenberg, for $230 million.
The Israeli Finance Ministry has also announced that a further 22% of ICL will be floated in the USA and Europe, in addition to about 25% already traded on the Tel Aviv Stock Exchange. The government will retain 28% of ICL, but Israel Corporation will be responsible for its management.
The new board of directors of ICL has decided to appoint an ad hoc committee made up of its own members in order to examine the structure of ICL, emphasizing the need for effective integration of the activities of its subsidiaries and coordination between them for the purpose of increasing profits of each separate company and the concern in general.
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