April 25 Potash Corporation of Saskatchewan
, the world's largest producer of its namesake
crop nutrient by capacity, said it is abandoning efforts to take
over Israel Chemicals Ltd, after running into
opposition in that country.
Potash currently holds a 14 percent stake in ICL, the
world's sixth-largest potash producer.
"While we continue to believe that such a transaction would
be of tremendous benefit to stakeholders of both companies and
the State of Israel, there must be receptivity to foreign
investment and certainty in the rules that govern such
investment," the company said on Thursday in its first-quarter
earnings statement. "We have therefore concluded that now is not
the time to pursue this opportunity and will focus our energies
on other options to maximize shareholder value."