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UPDATE 1-Israel Chemicals in talks to sell stake in desalination firm IDE
April 25, 2017 / 11:16 AM / 5 months ago

UPDATE 1-Israel Chemicals in talks to sell stake in desalination firm IDE

(Recasts with company statement)

JERUSALEM, April 25 (Reuters) - Israel Chemicals said on Tuesday it is in talks to sell its 50 percent stake in water desalination firm IDE Technologies in a deal which Israeli media reported could fetch about $180 million.

Israel Chemicals (ICL), a top global supplier of potash, said in a statement to the Tel Aviv Stock Exchange that it was “holding negotiations” for the sale of its IDE shares, but emphasized there was no assurance it would lead to a deal.

IDE, which has built desalination plants in the United States, Israel, India and China, is jointly owned by ICL and Israeli conglomerate Delek Group.

ICL’s statement came after financial news website Calcalist reported that ICL had agreed to sell its holding to a group of 3-4 buyers, including Israel’s Clal Insurance, which will take over 20 percent of IDE. The deal, Calcalist said, values IDE at $360 million.

Officials at Clal Insurance had no immediate comment. (Reporting by Ari Rabinovitch; editing by Jason Neely)

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