JERUSALEM Aug 19 Israel Chemicals (ICL)
has filed a confidential prospectus with the U.S.
Securities and Exchange Commission (SEC) ahead of a planned
share offering next month, financial newspaper TheMarker said on
ICL, Israel's second largest traded company in Tel Aviv and
one of the three largest potash suppliers to China, India and
Europe, had previously said it would list its shares on the New
York Stock Exchange - likely in September - to get access to
TheMarker said ICL's parent company Israel Corp
will sell a 5 percent stake for around $500 million. Morgan
Stanley and Goldman Sachs are managing the sale, it said.
ICL declined to comment. Israel Corp was not immediately
available to comment.
Companies with less than $1 billion in annual sales or firms
listed on foreign bourses are eligible to secretly file a draft
prospectus with the SEC as they test investor interest. Twitter
took advantage of the confidential filing last year.
ICL plans an investor road show in London and New York at
the start of September with the goal of registering the stock
for trade around Sept. 10, TheMarker said, adding that the road
show cannot begin until the prospectus is released publicly.
Stefan Borgas, ICL's chief executive, told Reuters this
month that the company was accelerating plans to expand in
Europe and Asia and may close some of its phosphate and bromine
production in Israel if the government goes ahead with tax
increases on mining companies.
ICL, which mines minerals from the Dead Sea, has already
frozen more than $1 billion in investment in Israel.
(Reporting by Steven Scheer; Editing by Michael Urquhart)