ECM Exchange » Israel

Israel Chemicals goes to POT

robertvenes — Thu, 28 Jan 2010 10:29:00 +0000

Potash Corp of Saskatchewan (POT) has been identified as the mystery main buyer in the two accelerated bookbuilds in Israel Chemicals completed by UBS this week.

POT revealed this morning that it increased its holding in the Israeli fertiliser and specialty chemicals group to 12.46% through the purchase of the entire block of 8m shares at NIS49.90 placed on Monday evening and 5.9m of the 7.5m shares sold at 49.57 on Wednesday morning.

In total, it took 90% of the two deals, which came in at a combined NIS771 (US$207m).

Intrigue surrounds second UBS-led Israeli selldown

robertvenes — Wed, 27 Jan 2010 13:10:49 +0000

UBS carried out another accelerated bookbuild in Israel Chemicals’ stock this morning following Monday’s night’s selldown of 8m shares by Israel Corporation. Monday night’s trade has been revealed to have gone to a single buyer, despite the stock being offered out to a wider pool of investors.

This morning’s NIS371.7m (US$100m) ABB involved the sale of 7.5m shares, representing approximately three days’ trading. The stock was sold by an unnamed institutional investor and went to a limited number of investors, though again it is believed to have gone largely to the same single buyer.

UBS was approached by the vendor who liked the pricing on Monday. Investors were less pleased with the return by UBS after being shut out on Monday.

The small size of the trades – Monday’s represented just 0.65% of the company – means there may not need to be any filings by the major buyer, unless it already had a significant stake.

The bank went out with a range of NIS49.32 to yesterday’s close of NIS49.57 and there was demand in the book to price flat to the close. Books opened at 7.40am and closed twenty minutes later.

UBS wins another auction

robertvenes — Tue, 26 Jan 2010 11:35:43 +0000

Yesterday evening saw an auction held among about five banks for 8m shares in fertiliser and speciality chemicals company Israel Chemicals. The stock came from Israel Corporation, one of the country’s largest private family holding companies.

UBS was the winner with a bid believed to be around NIS49.40 and as sole bookrunner placed the stock flat to the market at NIS49.90. The deal represented just 0.65% of the company and three days’ trading. The NIS399.2m (US$107m) of stock went mostly to international buyers.

The seller retains a 53% stake post completion, on which it has a 90 day lock-up.