Potash Corp could increase stakes in four companies to gain control
Potash Corp of Saskatchewan (NYSE, TSE:POT) is weighing the possibility of taking control of four businesses in which it presently holds minority interests, according to CEO Jochen Tilk in a newswire report.
Reuters cited Tilk as saying that Saskatoon, Saskatchewan-based Potash Corp is assessing investments valued at USD 4.5bn in Chile's SQM, Israel's Israel Chemicals, China's Sinofert Holdings and Jordan's Arab Potash.
According to the article, Tilk explained that the goal is to gain "some control or participation in the" businesses. He said that Potash Corp sees "them as opportunities" but knows that it cannot remain "minority" investors "forever unless" it has "a plan going forward."
In the article, Tilk added, however, that he is satisfied with the influence that the company has at Sinofert and Arab Potash.
Tilk said that Potash Corp has not arrived at any decision yet and that it will not move forward without first discussing the matter with the businesses involved.
According to the report, Potash Corp under then CEO Bill Doyle made a failed attempt to acquire control of Israel Chemicals. Israeli government, which owns a golden share in Israel Chemicals, rejected the Canadian company's overtures in 2013, noted the report.