Israel Corp. is considering the sale of part of its 52.3 percent stake in Israel Chemicals Ltd. to increase trading volume in the shares of its fertilizer unit as it plans a listing on a foreign exchange.
This time last year, the chairman and chief executive officer of Israel’s Teva Pharmaceutical Industries Ltd., the world’s biggest generic drugmaker, were foreigners. Miami billionaire Phillip Frost led the board and Jeremy Levin, a South African, was CEO. They were the first non- Israelis to hold those positions.
The Dead Sea is shrinking at a record rate, prompting calls for Israel and Jordan to stop fertilizer makers from siphoning so much of the water whose restorative powers have attracted visitors since biblical times.
Israel Chemicals Ltd., which harvests minerals from the Dead Sea to produce fertilizers, is nearing an agreement to help Canada’s Allana Potash Corp. develop a potash mine in Ethiopia, according to a person familiar with the talks.
Israel’s environment chief urged caution before accepting a World Bank recommendation for a Red Sea to Dead Sea pipeline, saying that while the conduit may stem the loss of water, the salty inland lake may also suffer irrevocable damage.
Israel, Jordan and the Palestinians signed a memorandum of understanding today that outlines regional water-sharing initiatives from the Red Sea to Dead Sea to relieve shortages in the arid lands, the World Bank said.
Jordan won’t choose companies for a $900 million project to desalinate Red Sea water and help rescue the Dead Sea, shrinking by a meter (3.3 feet) a year, until the second half of 2014, a government spokesman said.